Social Security’s Future Not as Bleak as May Seem
It is true that the Social Security system is under strain, as folks live longer and families have fewer children. The program’s trustees regularly note that benefits will be slashed automatically by about 23% in just over a decade. But that, of course, assumes Congress makes no modifications in the meantime. Maurie Backman’s piece here stresses that as long as workers are paying payroll taxes, the primary funding mechanism for Social Security, the program can continue as we know it. Insolvency does not equal bankruptcy. Still, changes will have to me made before 2034 to mitigate diminished benefits for all after that date. Full piece here.