No reforms? U.S. retirees to face dwindling funds — in 21 years!
Yeah, I know. “Jolting news” that would cause Congressional hacks to jump into action in 20½ years!
These creeps want to shut down Social Security – after all, they don’t need it
Aging baby boomers got some jolting news on Monday when the U.S. government said the Social Security retirement program is on track to go bankrupt three years earlier than expected if reforms are not made.
Unless Washington politicians, who have been at war with each other over government spending priorities and federal budget deficits, can decide how to put Social Security on a sound footing, retirees’ pension checks would start running out in 2033, according to an annual report…
“Never since the 1983 reforms have we come as close to the point of trust-fund depletion as we are right now,” trustee Charles Blahous told reporters. “Our window for dealing with it without substantially disruptive consequences is closing very rapidly,” he said…
Blahous and fellow trustee Robert Reischauer said lawmakers should be aware that it will become increasingly difficult to “avoid adverse effects” on retirees or those close to retirement if legislative changes are delayed much longer…
Members of Congress also have mulled raising the retirement age or cutting some benefits to the wealthy. But no action is expected before the November elections.
You can RTFA for all the gory details. All the pissing and moaning about coming up with solutions are hogwash. Want to see me solve the question for another hundred years or so? With one sentence?
Add this to the law. “THERE WILL BE NO CAP ON COLLECTING THE SSA TAX.”
That’s it. All that is needed is to remove the cap which stops collecting the tax once you’ve earned $104,000. That carries through well into the next century. The NY TIMES surveyed readership on that solution and got a 76% “Yes” vote. So, what’s the problem with Congress getting off their rusty dusties and following through?