From a press release:
The Social Security Board of Trustees today released its annual report on the financial status of the Social Security Trust Funds. The combined asset reserves of the Old-Age and Survivors Insurance and Disability Insurance (OASI and DI) Trust Funds are projected to become depleted in 2034, one year earlier than projected last year, with 80 percent of benefits payable at that time.
The OASI Trust Fund is projected to become depleted in 2033, one year sooner than last year’s estimate, with 77 percent of benefits payable at that time. The DI Trust Fund asset reserves are not projected to become depleted during the 75-year projection period. ...
4 comments:
And as usual the old white men and women in Congress will ignore the recommendations and draw unfounded conclusions from it. This same cycle will then repeat until 2033, at which point the masses will get very angry and show their anger by re-electing the same useless old white folks who failed to solve the problem while it could still be solved. America is f***ing awesome, ain’t it?
I agree that 95% are white men and women (older) but you do have a small percentage of Black and Browns as well. Tim Scott of South Carolina is Black, Marco Rubio of Florida and Ted Cruz of Texas are both Hispanic. In addition,
The House of Representatives includes 26 minority Republicans.
Why aren't they crossing party lines concerning Social Security?
Let me help you... The first job of a member is getting re-elected. Doesn't matter what age, gender, "race," etc. Therefore, cooperation only occurs when it is politically beneficial... which you won't have with SSA anytime soon. This is especially true when every proposal, whether practical or ridiculous, gets treated with such scorn. Sure, Rick Scott's "plan" has no chance (of getting Republican votes), but, painting all Republicans as supportive of it is absurd. For the record, his plan was to "sunset" EVERY Federal program... This just means it needs a positive vote for every 5 years. Hard to make plans under that arrangement... Dead On Arrival.
My recollection is that the last time the program was in crisis in the 1980's, a compromise was hammered out less than two years before zero hour,
So at current pace it will most likely be the 121st Congress that will determine the answer to "what are we going to do now?"
If President Biden is re-elected, it is all but assured his replacement will be nearing the re-election campaign to seek a second term when the public gets an answer.
If President Biden steps aside or is defeated, then it is possible his replacement if elected to a second term will be a lame duck doodling plans for a library when the public receives an answer.
The politics of the 2024 election aren't likely to have a great influence on the resolution unless it results in one party holding the White House and both chambers with sixty seats in the Senate,
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