This IS a recurring thing….
The benefits for one of the two Social Security programs is directly effected by people working and paying the system….
Since the beginning of the pandemic a LOT of people stopped working and paying payroll taxes….
If and when people go back to work?
The systems will gain more money and push out its solvency….
Oh, and Congress does NOT want to mess with Social Security in upping eligibly ages or cuts in benefits….
Social Security will have to cut benefits by 2034 if Congress does nothing to address the program’s long-term funding shortfall, according to an annual report released Tuesday by the Social Security and Medicare trustees.
That’s one year earlier than reported last year. By that time, the combined trust funds for Social Security will be depleted and will be able to pay only 78% in promised benefits to retirees and disabled beneficiaries.
The Covid-19 pandemic and economic recession are to blame for moving up the depletion rate by a year, driven by the big drop in employment and resulting decline in revenue from payroll taxes. The trustees also project a higher mortality rate through 2023 and a delay in births in the short term.
But it remains unclear what the long-term effects of the pandemic will be on the funds and the trustees will continue to monitor developments. Last year’s report did not take into account the effects of the pandemic….
Anyone ,and that includes Congress, Dem.ocrats and Republicans,who refuses to propose and support A fix for Social Security is a piece of garbage.
Lot of garbage then
And has been for a LONG TIME….
If the shoe fits wear it.
That includes you too Homer.
Increase collecting age to 75 and suspend payments to anyone still in their 60’s. That would be a start.
Also, quarterly payments of 2K to people/families making under 450K per year and stiff tax hikes on people making over 800K. Also a start.
SE?
They won’t entertain any of ur suggestions….
In addition?
Older people who are about to or, get Social Security VOTE….
THAT IS the principal reason there have been NO changes….
With ALL the current stuff going on for Congress?
Social Security problems more that a decade away just won’t make the train….
SE gets credit from me as a young man at least thinking about these issues.He was simply speculating n some possible fixes .Nothing wrong with that.
Of course nothing will pass in the near future,nor did he in any way claim that.,but people who “think” about important issues effecting the country are too rare a commodity,particularly on this site.
Where we are regularly treated with the mindless “aint gonna happen”gibberish and then the self congratulatory blabber about how “right “ you are on a matter that was self evident to everyone else here.
Thank You pointing out I’m Right……
I fully expect to work into my 70s.
It’s not like I’m tarring roofs or something. There’s no reason for me not to work that long.
Honestly if I were forced to retire at 65 I could see having to live a life like the movie “Nomadland”.
I simply wouldn’t have enough resources to live comfortably for 20 or more years in retirement.
It is pretty tough to reduce benefits for people who have already retired. They made the decision on when to retire based partially on their anticipated social security benefits.
I would prefer to see increased social security taxes as the solution for the deficit. That and removal of the income cap.
Cutting existing promised benefits for retired Rhode Island state workers [as well as promised benefits to current ones) — in order to keep the state pension plan solvent — was a huge political, ethical and legal challenge when Commerce Sec. & former R.I. Gov. Gina Raimondo was R.I. State Treasurer.
Although the process would be legal since it’s already written into the Social Security Act, doing this to millions of Social Security beneficiaries would be a vastly more daunting social, political and moral challenge.
Tax INCREASE Z?
RESLLY?
Midterms next year…….
Hmmmmm?
The solution to the underfunding problem has always been right there for years. All Congress has to do is lift the cap on social security payroll tax and the fund will be solvent for at least another twenty years.
My paycheck grew every year in August when I hit the cap and, of course, went back down at the beginning of the next year. I liked having that extra money but I soon got used to a reduced pay check in January.
This would be a clean fix, if only they had the balls to do it.
I agree with Keith.
I agree with Keith also
A massive intel failure!
Another nonsensical post from our increasingly unhinged host.
What in the Hell does an “intel failure” have to do with Keith’s post on Social Security?
My question too Jack.
Yes I do too and Something like that will be the eventual “fix,”