TroglocratsRdumb
Diamond Member
- Aug 11, 2017
- 37,095
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Social Security reveals cut to payments needed to balance the books
Social Security relies on its trust funds to provide monthly benefit checks to around 70 million Americans. But the money is running out - and payments need to be cut.
The head actuaries for Social Security and Medicare have testified before a House committee about looming financial challenges which could see funds run short by 2035.
Social Security relies on its trust funds to provide monthly benefit checks to around 70 million Americans.
But an aging population is pushing up the cost of the program as a smaller share of people are paying into it, and spending is outpacing income.
This means that if the funding gap is not resolved by Congress, future beneficiaries could receive $325 less per month. Medicare is also projected to run dry in 2036.
House Budget Committee chairman Jodey Arrington, R-Texas, said in his opening remarks on Thursday: 'My prayer is we unite - not as Republicans, not as Democrats - but as Americans.
'I won't get everything I want to solve it probably, they probably won't get everything they want, but we must do it or there will be an automatic cut.'
Comment:
Maybe Biden and Schumer should not have wasted $1.75 TRILLION dollars on their bogus "inflation reduction act (scam)".
Maybe they should have spent $1.75 TRILLION to fix social security instead.
But the greedy corrupt Democrats don't care about social security.
Where did that $1.75 trillion go to?
{Inflation Reduction Act: Boosting Economy
The Inflation Reduction Act is a $1.75 trillion bill that aims to boost the economy, lower costs, and fight climate change.}
