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Social Security Reform–A Call for Congressional Action
That’s not a new call, actually. The Social Security trustees have been making that plea for decades via comments accompanying their annual reports to Congress. For example, these comments were outlined in the summary of the 2024 edition: “Lawmakers have many options for changes that would reduce or eliminate the long-term financing shortfalls. Taking action sooner rather than later will allow consideration of a broader range of solutions and provide more time to phase in changes so that the public has adequate time to prepare.”
With the recurrent warnings in mind, it’s interesting to note the post yesterday by Angela Mae appearing on the Yahoo.com Finance page suggesting that “All ethical Congress members and future presidents need to support [the Social Security Administration’s] work of securing the financial security of the nation’s people.” Ms. Mae’s post cites the best-case and worst-case scenarios potentially emerging from the current election cycle and, quoting EFG Financial’s Kelly Gilbert, offers the viewpoint that “The worst-case scenario is probably the most probable,” Gilbert said. “After the election, it is likely nothing will be fixed and the proverbial can will be kicked down the road for another term.”
An interesting set of opinions and thoughts regarding what the near-term future might hold for Social Security reform…access the full post here…
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