Not exactly. The Trust Fund is the manifestation of the collection of SS taxes in excess of benefits paid. Ideally, the SS tax would be adjusted annually to exactly match benefits paid. By collecting excess SS tax and funneling that money into the general fund (where it was spent paying Government bills) and then issuing IOUs to the SSA for those funds, all they guaranteed was that money would need to be borrowed from global markets to pay benefits when (in the future, which is actually now) they exceed SS taxes collected (pay back the IOUs). Raising the cap on earnings that are subject to SS tax will, by itself, not fix the problem. It will only delay the date when the Trust Fund is exhausted (all IOUs have been paid back by borrowing money from global markets) and benefits are reduced since there is no law to allow SS to pay benefits in excess of what they collect via SS taxes or cashing in of Trust Fund IOUs. Other actions need to be taken.
Quote:
Originally Posted by MollyJo
The SS fund has NEVER been raided for ‘Pet Projects’ Our SS checks are paid by current workers, and any shortage comes from the SS Trust Fund created decades ago in anticipation of shortages due to less children born. The Trust Fund will run out approximately 2033-2034 unless Congress votes to Smash The Cap, currently $176,100 for higher earners. All administrations have done nothing to assure SS remains intact for the future. Politicians want to give SS to Wall Street to invest in stocks=disaster
Call your elected officials to demand they support SS by keeping employees available to help recipients when calling or visiting SS offices.
I found Dr Ed Weir on Utube, he ran the 3rd busiest SS office in the country until he retired. Now, Dr Weir does Utube podcasts daily to help all of us with the latest changes & answers questions WE call or write in. He debunks all the myths. He has his own web page that people can search
mygovexpert.com
He has also partnered with a company I can’t recall at the moment, that will assist you with choosing the best Medicare plan suited to your needs(any state) all for free. Listen to Dr Ed Weir’s Utube videos & you can learn of his vast knowledge on all SS claims & Medicare partnership. It’s all free.
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