The Future of Social Security
Social Security just marked its 80th anniversary this year and has solidified itself as one of the government’s top programs. In 2015 alone, spending on Social Security topped out at $877 billion, almost 25% of the total federal budget. The biggest issue often brought up when talking about the Social Security program lies with its solvency and how to best tackle that problem. The newest projections this year show that the Social Security fund will dry up in 2029, causing benefits to be reduced by up to 29% in the years following in order to keep the program alive. This is a constant source of debate and has prompted many proposals to fix the issue before the need arises to cut benefits. For more information on this topic and to see the latest projections, visit this report from the Congressional Budget Office.
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