It’s hard to keep up with our global and U.S. economies. An easy way to stay abreast of the latest financial happenings is to listen to financial advisor Dennis Tubbergen’s The Everything Financial Radio Show. Not only is it syndicated on two Michigan metro stations, you can also listen to Tubbergen and his guest experts as podcasts at http://www.everythingfinancialradio.com.
With guest experts who are nationally and internationally known, Tubbergen gets to hear the opinions of a vast variety of individuals in the fields of finance, economics and politics.
Tubbergen, who is an author, radio show host, and CEO of USA Wealth Management, LLC, also spends a lot of time giving his opinions on the economy in his Moving Markets weekly newsletter at www.moving-markets.com and in his online financial blog. One of his recent blogs took a closer look at the Social Security system in the U.S.
“You probably saw the news report last week that stated the Social Security trust fund will run out of money sooner than was previously forecast,” began Tubbergen in his blog. “And that’s not even the worst news.”
Tubbergen points to an article from The Financial Post that ran on April 23, 2012. In part the article states, “The Social Security program will exhaust its trust fund in 2035 and have to start reducing benefits to senior citizens unless Congress intervenes, its trustees said. That is three years sooner than projected in 2011 for the retirement benefits program, which serves 44 million people, the trustees said in an annual report Monday. Social Security’s disability program, which aids 11 million Americans, will run through its trust fund in 2016, two years earlier than predicted. The report attributed the fiscal stress in part to the weak economy.”
The article goes on to say the retirement programs are putting a huge strain on the government’s finances and how this situation should be handled will be a “central issue” in the election-year debates between Democrats and Republicans. The article also adds that the report suggests, “Lawmakers should address the financial challenges facing Social Security and Medicare as soon as possible,”
“Anyone want to wager that there will be no viable plan proposed to attempt to bring these programs back to solvency before the elections?” questions Tubbergen.
“While I have personally spoken with many politicians who genuinely want to try to fix the problem and have openly discussed the almost impossible task, the majority of those in charge are thinking only as far as the next election, including the President,” laments Tubbergen. “With that mindset, there is simply no way that the insolvency issues surrounding Social Security and Medicare will get dealt with.”
“The reality is just too ugly,” explains Tubbergen. “And, it’s uglier than this article reports.”
To read the blog in its entirety go to http://www.dennistubbergen.com and read his April 30, 2012 entry.
Tubbergen’s syndicated radio show can be heard on metro Michigan stations WTKG 1230 AM and WOOD Newsradio1300 AM and 106.9 FM.
Dennis Tubbergen has been in the financial industry for over 25 years and has his corporate offices in Grand Rapids, Michigan. Tubbergen is CEO of USA Wealth Management, LLC and has an online blog that can be read at http://www.dennistubbergen.com. To view Tubbergen’s latest Moving Markets? newsletter, go to http://www.moving-markets.com.
The opinions expressed herein are those of the writer and not necessarily those of USA Wealth Management, LLC. This update may contain forward-looking statements, including, but not limited to, statements as to future events that involve various risks and uncertainties.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual events or results to differ materially from those that were forecasted. Therefore, no forecast should be construed as a guarantee. Prior to making any investment decision, individuals should consult a professional to determine the risks, costs, benefits and fees associated with a particular investment. Information obtained from third party resources is believed to be reliable but the accuracy cannot be guaranteed.