More on the Social Security “Bankruptcy Myth”
Yes. Social Security is in trouble. But no, contrary to what 78% of the respondents to the 2017 Nationwide Retirement Institute survey believe, it will not go bankrupt. Current projections are that the Social Security Trust Fund will, in less than four years, begin to be used to make up the difference between inflow and outflow, and that this Trust Fund balance will hit zero by 2034. But that still does not lead to bankruptcy. What it does mean, though, is not pretty…outflow will be required to meet inflow, with the result that benefits will be reduced by about 23% across the board.
That’s if nothing is done to circumvent the problem. There are several proposals on the Congressional table right now, including the Association of Mature American Citizens‘ “Social Security Guarantee Act of 2017.” But action must be taken on these measures in order to resolve the long-term dilemma.
The Motley Fool’s Selena Maranjian, in a post on host.madison.com, provides additional background on the state of Social Security. Read her post here…
I think Social Security finds are being robbed by the abuse of the disability side of the program. The abuse is rampant and has been exposed numerous times. Also, what will the government response be when the civil service pensions are threatened with cuts because of the deficit?
My out look on social security is that it should have never been put in the general fund by that common crook Bill Clinton, and called balancing the budget. And the lawmakers should not have used our social security funds. And now that they have we need a class action suit that will get that money back plus interest from the scum that took it for their personal gain, and we need it put back into it’s own account.
Just like deficits choices to find important things must be made and other things stopped.