The Developing Rhetoric on Social Security’s Future - loudountimes.com
The airwaves are abuzz with commentary about Social Security and the recognition that we’re a mere decade away from a major financial setback for America’s seniors. Although the arrival date for full depletion of the program’s financial reserves is somewhat unclear–some official sources say 2032, others say 2035–there is consistency on the basic problem: the program is on an unsustainable trajectory. In fact, since 2010, payroll tax revenue has been insufficient to fully cover benefits, with interest on reserves and income tax payments by beneficiaries making up the difference. As of 2021, Social Security’s income from all sources fell short of scheduled benefits, resulting in the redemption of financial reserves–the Special Interest Treasury bonds held in the program’s trust funds. These reserves, which had reached nearly $3 trillion at the end of 2020, will be gone in as little as ten years or at most, 12 years.
So, with things heating up on Social Security and its problems, you can expect to see a fairly steady stream of articles in the coming weeks and months describing viewpoints and positions about the solvency issue, and we’ll be channeling many of them through this site. Today, for example, we’re referencing a post from creators.com’s Froma Harrop appearing on loudountimes.com describing Republican House Speaker Kevin McCarthy’s position on negotiation of spending cuts as a solution to the debt crisis, as well as the position taken by the Republican Study Committee on the same issue.
Ms. Harrop’s post also contains a flashback to Bush 43 and the ill-fated suggestion to privatize Social Security funding, along with an analysis of the program’s financial reserves that helps discredit the incessant rumor that Social Security is ‘”broke” and that the program’s cash reserves are a myth. Check out this loudountimes.com post here…
Also, for a Republican rebuttal of recurring allegations of specific intent to “cut” Social Security, check out today’s “Latest News” post on this site for a video of Rep. Rich McCormick (R-GA).