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Will Social Security be a Factor in the Mid-Term Elections? - CNBC
Pseudo accusations aside, Social Security is facing a financial issue which, in a little more than a decade, could result in across-the-board benefit cuts for all beneficiaries. Social Security now pays out more in benefits than it receives in revenue, and the Trust Fund reserves are being tapped to pay full benefits. According to the latest report from the Trustees of Social Security, unless Congress makes program changes, the reserves will run out in 2035 necessitating about a 20% – 23% cut in benefits for everyone. Of course, the run up to the mid-term elections has many politicians claiming the other side is an existential threat to Social Security, most of which is pure political hyperbole to sway voters. The reality is that program changes are needed for the program to remain fully solvent, and Congress already knows how to fix it. But the needed changes cannot be made without bipartisan cooperation, regardless of which party is in power. The real question is when will Social Security cease being a political football to gain votes, and when will Congress stop the games and reform the program for everyone’s benefit?
This CNBC article by Lorie Konish explores how Social Security may fit into the forthcoming election, and opines whether it will, or will not, be a “front burner issue” in November. Click here to read more.