The Social Security program’s cost will exceed its income this year for the first time since 1982, forcing the program to dip into its nearly $3 trillion trust fund to cover benefits.
By 2034, those reserves will be depleted and Social Security will no longer be able to send it its full scheduled benefits, according to the latest annual report by the trustees of Social Security and Medicare released Tuesday.
Unless Congress acts to bolster the program’s finances, beneficiaries would receive about three-quarters of their scheduled benefits after 2034.
Social Security consists of two programs, one for retirees and one for people who claim disability benefits.
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13 comments:
Time to reevaluate the fakers, I mean those on Disability. I know of several people doing full time "Cash" jobs and collecting SSI.
I have tried to turn them in and according to the people I have talked to at Social Security, I need their SS number!
No doubt..The Beginning Of The End !!!!
Implication- the "Selfish Generation" screws Gen X and Millennials. Thanks, worst generation in history!
Politians should add an amount each budget to put back into SSI that they have robbed. Then take SSI money out of the General Funds, since Bill Clinton did this so now there is no SSI fund. Make the SSI fund used only for SSI retirees like it was until Politians screwed it up. Then disability should receive straight SSI. Not a greater amount because they can't work supposedly. Politians need to get / grow some BALLS and fix their screwup or quit with no benefits, since they are stripping retirees of their benefits.
CONgress acting on anything means work. Those numbskulls on the hill haven't done actual work in years, let alone 1 budget passed (on time) in 22 years.
No, we have better planning of bowel movements than our elected officials. Come to think of it, shame on US for electing them in the 1st place.
We've been sold a bill of rotten goods and that trash needs to be taken out in November!
Sure...and between now and then the government will do nothing to remedy the issue, right? More fear mongering.
Why would old farts in Congress do anything to help future generations. It's all about the other old farts who line their pockets with money. Once again, screwed by baby boomers
The so called Trudt Fund is gone.
It doesn’t exist.
The money in it was “borrowed” long ago by Congress to finance pet projects and get re-elected.
This story is an outright lie.
The facts were admitted to the public years ago concerning the “borrowing of money from a Trust Fund” which is an oxymoron.
1:51
What you are advocating (and thank you for doing so) is to make the Social Security Funds a TRUST FUND that can only be used for 1 thing: Social Security Payments to recipients.
That is what it was originally.
Somehow (illegally, that's how) the Congress managed to "borrow" money from a Trust Fund!
Our government is an illegal and criminal enterprise from top to bottom.
No other way to describe what they have been doing in our lifetimes.
All Congress has to do is eliminate the cap on income. Right now, only the first $127K of income. Remove that cap, make all income eligible for the SSN tax, and the fund would be more than solvent within a year.
And let the raising taxes howling begin!
How about congress be required to replace the money they pilfered from SS because ..."the money was just sitting there..." Thaks al bore & slick willey.
If this is true, give me what I’ve already paid in to date, let me re-invest it as I see fit and don’t take another penny from me for the remainder of my working life. Not an ideal solution but perhaps the best of a bad deal. If I work and pay for 20 more years and you then tell me it’s gone and I’ll receive nothing....”there will be blood”...to coin a phrase.
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