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Originally Posted by Guest
I heard again this morning on one of the news shows that Social Security is solid until 2033. Is that really a factual statement? Social Security is now paying out more than it takes in so monies are being drawn from "Trust Fund" to make up balance. There are no assets in Trust Fund so I assume money is being taken from general fund. Without spending cuts or increased taxes additional money is being borrowed and added to debt. Is my thinking correct on this or am I missing something. Our new president is gearing up for a big spending spree now. I know better but I'm starting to wonder if there is any downside to spending money we don't have?
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You are on the right track in your thinking.
It does appear that spending is now the name of the game, although that is a bit unfair, but still have no heard a word about anything but spending. In addition, our newest drama with Mexico could cost a few bucks.
So keep your eye on the spending which is my second biggest concern (our foreign affairs being first) but there is a glimmer of hope.....House Social Subcommittee Chairman Sam Johnson, R-Texas has introduced legislation aimed at exactly what you speak of and to try and do it with no harm on current recepeints,
The link below will lead you to some details, etc but basically, Rep Johnson proposes raising the retirement age to 69.
In addition, ranking Democratic member of the House Social Security Subcommittee, Rep. John Larson is also introducing legislation to raise the payroll tax cap on Social Security contributions, which would have a major impact.
Even without the obvious new spending, this needs to be done.
http://www.cnbc.com/2017/01/24/socia...efit-cuts.html