Phil Cannella – Phillip Cannella Media: Phil Cannella makes an excellent point that sooner or later there will be a shortfall with tax revenues and the government will no longer have adequate funds to continue paying social security. Most of us are banking on the fact that when we reach 65 we’ll be getting a stream of income from social security based on what we put in. So many are blissfully looking forward to their Golden Years…. Phil Cannella doesn’t want to shatter anyone’s dreams, but there is certainly a reality that has to be faced and Phil Cannella shines light on that bare and naked truth.
Phil Cannella has this to say regarding this situation of money running out from tax revenues: “Where will it [the IRS] find the money? Who will pay? The working class? The working class isn’t going to be there. It’s going to be severely diminished. What will the IRS do? Eliminate Social Security? Get rid of Medicare? No, because although the working class can’t support those expensive social programs, we still need them. So they’ll have to start taxing more heavily than ever. They will have to raise taxes in the next ten years to comparable levels and they will have to follow the money trail. Guess where that money trail leads? Right to your coffers – your retirement accounts, because that’s where the money that hasn’t been taxed is.”
Phil Cannella warns us that we need to protect our nest egg so that we don’t rely on flaky government social programs that we may never see the benefits of.