Don't Just Panic Over Social Security's Worsening Finances- Do Something About it
For the first time in history, in 2010 Social Security paid out more money in benefits than it collected through payroll tax; The extra money being set aside in the Trust Fund for the past 30 years will be used up by 2033- three years earlier than projected just a year ago; The payroll tax would have to immediately be raised by 2.67 percentage ... (more)Read more
#1 Apr 30, 2012
The 2012 Trustee's Report details the exhaustion of trust fund reserves in 2033, three years earlier than projected last year ( http://1.usa.gov/Kg5KuF ). Yes, it is true that even after the fund is exhausted Social Security will be able to pay 75% of benefits, but how is being able to meet only three quarters of its obligations acceptable?
Reform must take place: either by raising the wage cap, by increasing the retirement age to keep pace with longevity, by means-testing and eliminating benefits for very high income seniors, or by some combination of these proposals.
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