“Hard Times Ahead” for Social Security
A post by The Motley Fool’s Sean Williams takes a look at the statistics that foretell the future of Social Security. This quote from Williams’ post capsulizes his view of the crisis: “According to the newly released report from the Social Security Board of Trustees, the program will begin paying out more in benefits than it brings in via revenue by 2022. Between 2022 and 2034, Social Security’s projected $3 trillion in spare cash will be completely wiped out, forcing the program to cut benefits by up to 23%. For those of you who regularly keep track of these Trustee report updates, the projected cut of 23% is actually two percentage points higher than last year’s estimate, which called for a 21% cut to sustain the program for another 75 years.” Read his post here…
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