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An Expert Weighs In on Insolvency: “I’d like to scare Congress!”
We’ve noted many times in recent months that the rhetoric about Social Security’s insolvency predicament is rapidly ramping up, and more and more financial pundits are offering conjecture on the likelihood of a solution to avoid the projected benefit cuts, which are dominating the public mindset. Yesterday, in a post on wgntv.com’s “WGN Morning News” segment, financial expert Terry Savage offers insight into potential solutions being discussed in Congress and the media. Her synopsis focuses on the potential to increase payroll taxes, eliminate the taxable maximum, reduce benefits for the “wealthy,” and simply borrow to cover the gap between incoming revenue and the cost of promised benefits. It’s an interesting recap that includes Ms. Savage’s perspectives on several of the “solutions,” including the definition of “wealthy” and the impact of congressional inattention.
Ms. Savage concludes her remarks with this insightful comment: “I don’t want to scare people right now. I’d like to scare Congress, though.” It’s a short video, but worth the investment of a few minutes for a quick update on the insolvency issue. Click here to view it…