Posted on 09/05/2021 7:21:49 PM PDT by SeekAndFind
Social Security’s latest report on the status of the trust funds on which it relies to pay benefits has both good and bad news.
The good news is that the funds have not been as hard hit by the Covid-19 as was initially feared, due the economic recovery that has taken place.
The bad news is that the funds’ depletion dates have moved up sooner, prompting a chorus of calls for Congress to act swiftly to correct the problem.
“If this report does not trigger a pretty serious and swift discussion on Capitol Hill among lawmakers about what needs to be done to put Social Security back on a financially sustainable track, it’s really hard for me to imagine what could,” said Charles Blahous, who served as a public trustee for Social Security and Medicare from 2010 to 2015 and is now a senior research strategist at the Mercatus Center at George Mason University.
This year’s annual report moved up the projections for when the combined trust funds that pay retirement, survivors and disability benefits will deplete their reserves to 2034, one year earlier than had been projected last year. At that point, 78% of benefits would be payable.
The concept is similar to running out of money in a savings account, said Social Security Administration Chief Actuary Stephen Goss. At that point, the program would only have money to pay benefits based on the payroll taxes coming in at the time.
“The meaning of this is simply to tell Congress that we have shortfalls, that we will deplete our reserves if you don’t act, so act,” Goss said of the annual trustees report.
Changes to fix the program could include tax increases, benefit cuts or a combination of both.
(Excerpt) Read more at cnbc.com ...
And oh yeah, Bernie Sanders and AOC disagree with the above. They want MEDICARE FOR ALL ( including illegals ).
We are so screwed. These people keep getting re-elected.
I thought COVID was the “fix”.
/s
The “Social Security Trust Fund” is a bunch of IOUs written by the District of Criminals.
It’s hard to beat Santa Claus economic thinking !
We have 5 trillion plus for Porkopalooza bills, but not for this?
“Come up with a fix”?
That’s a laugh. I’ve heard that every year of my adult life and I just turned 70.
With Biden blowing the budget sky-high everywhere you look, there is no way workers are going to tolerate higher SS taxes.
The “fix” will be to just print more money, send inflation soaring, give SS recipients a 1% or 2% “raise” and tell them they are lucky to get that.
Spending an extra 4.3 trillion on other stuff is probably not the way to go.
Wait till we start hearing numbers in the zillions.
I’m 66. Just gimme back what I put in-NOW! Then just leave me alone. In fact just go to hell tomorrow!
I was going to post the same thing.
The proper fix is to keep all of the SS revenues in a separate account and NOT place it in the general fund to pay for everything else.
Simple: just print more money. I mean, it’s worked so well to counter the economic destruction created by the government’s “COVID” stupidity and tyranny...
That’s right, put full blow 427s powering those printing presses. Get um smoken!
All they need to do is PAY-BACK the money they “borrowed” from Social Security over the years. PUT IT BACK!!
The current death shots are the fix.
As it was before Clinton got his filthy hands on it.
The VACCINES are the “FIX”. By then, the SS recipients will be about 1/2.
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