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| -Signs, Portents, and the Weather- |
| Social Security won't be able to pay full benefits by 2034 |
| 2021-09-06 |
| [CNBC] 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. But so far, Republicans and Democrats have not agreed on a way to approach the issue. One plan on the Democratic side, called the Social Security 2100 Act, was last introduced in 2019 and had 209 co-sponsors. Notably, all of that support was from Democrats. Related: Social Security: 2021-09-01 Social Security trust funds now projected to run out of money sooner than expected due to Covid, Treasury says Social Security: 2021-07-21 Socialism is Loot and Plunder by a Ruling Clique Social Security: 2021-06-21 Social Security Administration pays $79 million to deceased in 3 states: IG audit |
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