Social Security’s Financial Woes - Motley Fool
The year 2021 was a milestone year for Social Security. Something that hasn’t happened for nearly 4 decades once again occurred in 2021 - Social Security took in less money than it paid out. The numbers by themselves may not be especially alarming, since the 2021 shortfall was “only” about $31 billion dollars (a small amount when compared to the program’s $1 trillion annual price tag). But to pay full benefits to everyone, that $31 billion was withdrawn from Social Security’s reserves held in the Trust Fund, and that pattern is forecasted to continue in exacerbated fashion unless Congress takes corrective action. According to Social Security’s Trustees, the Trust Fund reserves will be depleted in 2034 which will mean an across-the-board cut in benefits unless something is done to restore the program to financial solvency. Problem is, Congressional disharmony seems to be in the way, as explained in this Motley Fool article by Sean Williams. Click here to read more.
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