Latest News
Social Security Insolvency Alarm Bells - Peterson Foundation Weighs In
With increasing frequency, the significance of Social Security’s steady slide toward insolvency is showing up in the news. A blog post by the Peter G. Peterson Foundation (click here to read in full) is a recent example of a respected voice in economic circles calling attention to the slow-moving train wreck, expressing it as one of the “critical fiscal and economic decisions” lawmakers will face in the coming years.
The Peterson post slots Social Security issues alongside a series of substantial issues facing Congress, from the ongoing debt ceiling matter to the expiration of major Tax Cuts and Jobs Act (TCJA) provisions. In addition to summarizing the insolvency issue–both Social Security’s and Medicare’s–the post closes with “policymakers must put the nation on a sustainable fiscal trajectory,” citing the November election as a “fiscal election.” Given the fundamental magnitude of Social Security’s issues, specifically the potential of a substantial benefit reduction for retirees and their families, it is becoming increasingly clear that the 119th Congress will need to step to the plate.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.