The clock is ticking to fix U.S. Social Security as retirees face automatic cut in 9 years

[TallGuyJohninBKK]

 

Congress has less than a decade to fix Social Security before the popular program runs short of cash, threatening a sharp cut in benefits for nearly 60 million retirees and family members, according to a government report released Monday.

 

The report from Social Security trustees predicts the retirement program's trust fund will be exhausted in November of 2033. At that point, benefits would automatically be cut by 21%, unless lawmakers adopt changes before then.

 

There's some good news in the new forecast. Thanks to higher-than-expected worker productivity and a decline in expected disabilities, Social Security isn't burning through cash as fast as trustees predicted a year ago.

 

(more)

 

https://www.npr.org/2024/05/06/1249406440/social-security-medicare-congress-fix-boomers-benefits

 

 

[Yellowtail]

Just raise taxes, problem solved

[TallGuyJohninBKK]

7 minutes ago, Yellowtail said:

Just raise taxes, problem solved

 

I'm sure they'd be happy to take your money. When you gonna pay up?  🙂

 

FWIW, there have been some recent proposals that would raise taxes on the wealthiest Americans to help fund the SS gap. I believe those would target incomes over $400K per year. But not surprisingly, one particular political party doesn't seem too keen on that plan.

 

From the OP article:

 

"Congressional Democrats have proposed higher taxes on the wealthy to support Social Security. Congressional Republicans have balked at that, instead calling for reducing the benefit formula and raising the retirement age for younger workers."

 

 

Edited May 7 by TallGuyJohninBKK

[Yellowtail]

3 minutes ago, TallGuyJohninBKK said:

 

I'm sure they'd be happy to take your money. When you gonna pay up?  🙂

 

FWIW, there have been some recent proposals that would raise taxes on the wealthiest Americans to help fund the SS gap. I believe those would target incomes over $400K per year. But not surprisingly, one particular political party doesn't seem too keen on that plan.

 

Yes, I heard Biden was only taxing Billionaires, it's going to be great. 

[connda]

I expect to be dead in 9 years.  If not - I'll worry about it in nine years. 
However - given the Geo-political situation where the US and the West consider themselves to be Superman and the rest of the world is Lex Luther, and Lex is breaking out the Kryptonite, none of us many be around in 9 months, or 9 weeks, or 9 days.  If you don't grasp that, well - ignorance is bliss. 

In the meanwhile, I'll hand it over to Bobby McFerrin - "Don't Worry, Be Happy!"

[stoner]

I'm 47. what's the odds i see any pension (canadian) at 65. pfffffft. 

[Pib]

 

Quote

The report from Social Security trustees predicts the retirement program's trust fund will be exhausted in November of 2033. At that point, benefits would automatically be cut by 21%, unless lawmakers adopt changes before then.

 

Since the sh&t does not hit the fan until Nov 2033 that means our elected representatives (Democrat, Republican, Independent, Congress, President, etc) can continue to beat their chest & flap their lips on how to fix the problem until after the Nov 2032 election...then all the chest beating, lips flapping will turn into real action.  

 

But I'm optimistic....I think this will become a serious major issue for the 2028 election which will drive real action, shoring up the SS retirement program in 2029 which is still kinda at the eleventh hour to fix things.

 

 

[KhunLA]

Cut all foreign aid and stick the equivalent of the last few decades and future estimated foreign aid into the SS fund, and stop stealing from it.

 

Or simply return all the money you stole / borrowed with interest.  

 

Doubt very much they cut SS, ever, as  >1/3 of the voting public receives it.  No party wants to lose those votes.

[impulse]

5 hours ago, KhunLA said:

Doubt very much they cut SS, ever, as  >1/3 of the voting public receives it.  No party wants to lose those votes.

 

I also doubt they'd ever cut it.  The question is, will the cost of living increases keep up with inflation?  Real inflation...  Counting the stuff that seniors have to pay for.

 

[Yellowtail]

14 minutes ago, impulse said:

 

I also doubt they'd ever cut it.  The question is, will the cost of living increases keep up with inflation?  Real inflation...  Counting the stuff that seniors have to pay for.

 

No, they're just going to tax the rich, everyone knows how much smarter people in the government are than your typical American billionaire.  

 

 

[KhunLA]

1 hour ago, impulse said:

I also doubt they'd ever cut it.  The question is, will the cost of living increases keep up with inflation?  Real inflation...  Counting the stuff that seniors have to pay for.

 

We all know the COLA adjustment are BS, unless you actually think there was -0- inflation some years, and <2% inflation per year the 12 years before biden ... 

 

 

Edited May 8 by stats
unsourced, no weblink graphic removed

[Yellowtail]

1 hour ago, KhunLA said:

We all know the COLA adjustment are BS, unless you actually think there was -0- inflation some years, and <2% inflation per year the 12 years before biden ... 

 

 

It's co-LA in Thailand

[jas007]

They’ll wait until the last moment, but they’ll come up with a fix. Of course, the country may have other problems long before then. Millions of arrivals across the southern border and the costs associated with that problem. A financial system on the verge of implosion. Inflation.  Wars around the world.  We’ll be lucky if the only problem is less Social Security money.  
 

Maybe they’ll do something soon?  Lots of people live only on their Social Security, and at this point can’t even afford to retire, given the high cost of everything, especially food.  

[Yellowtail]

4 hours ago, jas007 said:

They’ll wait until the last moment, but they’ll come up with a fix. Of course, the country may have other problems long before then. Millions of arrivals across the southern border and the costs associated with that problem. A financial system on the verge of implosion. Inflation.  Wars around the world.  We’ll be lucky if the only problem is less Social Security money.  
 

Maybe they’ll do something soon?  Lots of people live only on their Social Security, and at this point can’t even afford to retire, given the high cost of everything, especially food.  

Tax the rich, print money, repeat. 

 

The rich do not give a whit what a loaf of bread or a gallon of gas costs. 

[mania]

Maybe right off the bat stop all the handouts of billions per year to other countries Like Ukraine & Israel in weaponry & financial aid at the expense of taxpayers.

Let the USA support those that have paid all their life first...Their citizens

 

https://www.usnews.com/news/best-countries/articles/countries-that-receive-the-most-foreign-aid-from-the-u-s

[Yellowtail]

9 hours ago, mania said:

Maybe right off the bat stop all the handouts of billions per year to other countries Like Ukraine & Israel in weaponry & financial aid at the expense of taxpayers.

Let the USA support those that have paid all their life first...Their citizens

 

https://www.usnews.com/news/best-countries/articles/countries-that-receive-the-most-foreign-aid-from-the-u-s

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