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Clarifying Misconceptions About Social Security’s Future
President Trump’s recent executive order and pronouncements about the future of Social Security have generated a flurry of commentary about the near-term fate of this critical senior program. As is often the case, the literal statements are subjected to figurative interpretations, and often taken out of context. This very recent statements issued by the Democrat presidential ticket is a good example: “If Donald Trump’s extreme proposal goes into effect, the checks that American seniors are relying on, that you rely on to pay your bills, to buy your medicine, to live, will stop coming.“ Campaign rhetoric aside, the payroll tax issue addressed by the executive order, as well as the post-election fate of this tax, has been clarified by many sources with an understanding that a) Social Security’s revenue stream would be continued via “other” sources, and b) the Chief Actuary’s study was specifically undertaken without regard for a compensating revenue source. A post by Forbes Senior Contributor Elizabeth Bauer provides additional clarification on this issue. Check it out here…
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