No matter how you look it, our Social Security program is a mess. Less than a month ago the Social Security Trustees released their annual report on the program which reflected what most Americans already assumed; the program is insolvent. See Also: It’s Time To Face The Facts About the…
Here’s a truly staggering example of government waste and resource mismanagement: According to a new report, Social Security Disability Insurance has overpaid to the tune of $11 billion during the past nine years.
Vermont Sen. Bernie Sanders said that his idea for reform involves “scrapping the cap that allows multi-millionaires to pay a much smaller percentage of their income into Social Security than the middle class.” Along with that, he wants to actually expand benefits rather than explore the idea of upping the retirement age or reducing waste.
Friday was the 80th anniversary of the Social Security Act being signed into law by President Franklin D. Roosevelt. Will the program survive another 80 years? How about another 20? Here are five facts that you need to know about the current state of the program.
Eighty years ago, the Social Security Act was passed to give “some measure of protection to the average citizen and to his family against the loss of a job and against poverty-ridden old age.” Let’s preserve this purpose by confronting the problems we’re facing today.
“To me the discussion today shouldn’t even be on monetary policy it should be on how do we constrain this extraordinary rise in entitlements,” he said in a CNBC “Closing Bell” interview.
According to a new report from the trustees that oversee Social Security and Medicare, the Social Security disability trust fund will run out of money sometime in late 2016.
“The danger to beneficiaries is not coming from those of us trying to improve the programs; it is coming in a few short years when Medicare and Social Security go bankrupt.”
The program we’re paying taxes for now won’t be around for us when we retire.The status quo is clearly unfair to our generation, yet no one in Washington is talking about it. That needs to change.