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| Topic | Was COVID-19 a missed chance to sure up social security? |
| KILBOTz 09/09/21 10:58:50 PM #9: | https://www.ssa.gov/policy/docs/ssb/v70n3/v70n3p111.html As a result of changes to Social Security enacted in 1983, benefits are now expected to be payable in full on a timely basis until 2037, when the trust fund reserves are projected to become exhausted.1 At the point where the reserves are used up, continuing taxes are expected to be enough to pay 76 percent of scheduled benefits. Thus, the Congress will need to make changes to the scheduled benefits and revenue sources for the program in the future. The Social Security Board of Trustees project that changes equivalent to an immediate reduction in benefits of about 13 percent, or an immediate increase in the combined payroll tax rate from 12.4 percent to 14.4 percent, or some combination of these changes, would be sufficient to allow full payment of the scheduled benefits for the next 75 years. But honestly the scare tactic isn't that social security won't run dry, it very well could and will if nothing changes. The scare tactic is that it doesn't matter a whole bunch if it does run dry. They will use debt to pay for it all else fails. All the poll is asking though is did we miss an opportunity to get another option beyond raising taxes or reducing benefits. --- ... Copied to Clipboard! |
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