According to NPR, the Social Security program is expected to run short of cash to pay promised benefits in about ten years, while a key trust fund for Medicare will run out of funds by 2031, according to new forecasts issued Friday by trustees of both programs. The projections serve as an annual reminder that the popular programs rest on shaky financial footings. While any effort to patch them is sure to face stiff political opposition, doing nothing is likely to be worse.
Social Security benefits for retirees and others are primarily paid for through payroll taxes on current workers, and are supplemented by a trust fund.
Unless changes are made before then to shore up the program, 66 million Social Security recipients would see their benefits cut by 23-25%.
Well, I guess now we know how long they can kick the can down the road.
ReplyDeleteRemind me again, how is welfare funded?
ReplyDeleteHow much is being given to illegal aliens? CUT THAT!!
ReplyDeleteAll wrong!
ReplyDeleteThose millions of illegals coming in they'll contribute billions of dollars to the programs.
There is no trust fund. A Democrat Congress dumped the Trust Fund into the General Fund and Bobs your uncle.
ReplyDelete