Re: An issue - how do we make sure Social Security remains solvent?
Congressional Budget Office projects that Social Security can pay all promised benefits without changes until 2052. And we are supposed to be worried about this? Granted, this is not an eternity. But even after 2042, the Social Security trustees say they will be able to pay an average benefit that is actually higher than what workers receive today -- indefinitely --- adjusted for inflation. Social Security benefits are programmed to rise not only with price inflation, but also with wages. So Congress will at some point have to increase taxes or shave the benefits promised to future generations. But that's no different from what's been done before. In fact the projected shortfall for the next 75 years is smaller than shortfalls covered by adjustments in each of the following decades: the 1950s, '60s, '70s, and '80s. It is also about one-third the size of the tax cuts enacted during the Bush administration. The current administration has been using scare tactics (should be no surprise) to dismantel this "socialistic" program. They feel all our tax dollars belong to their elite friends and to pay for no-bid contracts to rebuild what their other cronies in defense industry just destroyed.
|