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The Social Security Trust Fund predictions remain unchanged from last year. The Disability Fund will be depleted in two years and the Retirement/Survivor Trust Fund will be depleted in 2033. As for Medicare, "The projected date of HI Trust Fund depletion is 2030, four years later than projected in last year’s report".
I figure we have until the beginning of 2016 before Congress decides whether to take any steps regarding the Disability Trust Fund. As the Chief Actuary of SSA noted in a recent presentation to Congress, the Disability Trust Fund depletion was predicted back in 1995 (because of the aging of the Boomers and reduced birth rates) and is a prelude of what will happen to the Retirement/Survivor Trust Fund.
IOW, nothing much has changed although the talking heads and politicians will try to inflame their viewers or constituents in an effort to divide and conquer.
The Social Security Trust Fund predictions remain unchanged from last year. The Disability Fund will be depleted in two years and the Retirement/Survivor Trust Fund will be depleted in 2033. As for Medicare, "The projected date of HI Trust Fund depletion is 2030, four years later than projected in last year’s report".
I figure we have until the beginning of 2016 before Congress decides whether to take any steps regarding the Disability Trust Fund. As the Chief Actuary of SSA noted in a recent presentation to Congress, the Disability Trust Fund depletion was predicted back in 1995 (because of the aging of the Boomers and reduced birth rates) and is a prelude of what will happen to the Retirement/Survivor Trust Fund.
IOW, nothing much has changed although the talking heads and politicians will try to inflame their viewers or constituents in an effort to divide and conquer.
Boy, is that last line ever so true. Those who want to get rid of Social Security will use it to scare younger folks into thinking they are paying into a black hole, and those who despise the wealthy will use it to claim the rich don't contribute enough and/or shouldn't receive benefits.
Everyone has a reason to punch at Social Security. The funny thing to me is that you can't find anyone who changed their opinions over the past few years with the updated information, no matter the point of view.
This report is used to reinforce opposing points of view???
The immediate nature of the disability funds running out, will be interesting to watch. They'll be moving money around to make sure it doesn't happen. All the actuarial reports just lead to political rhetoric. Nothing ever happens. They can't even agree to adjust the COLA formula downward two tenths of a percent, much less have the cajones to shut off payments to beneficiaries.
Nothing will be done until either financial markets and or crisis forces Congress to act. There are just too many hot potatoes in the SS/Medicare oven and once you open it up......
Basically things come down to two camps; those that feel SS/Medicare bennies must be reigned in to control spending growth, and then there are those like Mrs. Warren who feel that is the wrong headed approach and SS/Medicare needs to be expanded regardless of costs and ways found to pay.
What is clear is that for a good number of American seniors and those coming down the pike SS is not *working* for them. By that one means their monthly benefits are not enough to live upon and that as a consequence many are living at various levels of poverty. Now much of this can be directly tied to using SS as a major if not sole means of retirement income. This sadly is how things are playing out for far to many American seniors and the results aren't pretty.
Case in point ran into an elderly gentleman one has known in the area for years now. He ran a small business when one moved into the street and was "older" then but now is very elderly. His appearance shocked me (gaunt, loss of many teeth) but his story did so more. The man explained he was trying to purchase a slice of pizza (which one assumed would be his lunch and dinner), but only had about one dollar left in his bank account. Since this is the last week of the month the man was waiting for Friday (today) 1 August for his SS check to be deposited when he again would have money.
Sadly that story is repeated all over the USA as seniors make up a large portion of those living in poverty. Far to many assume that SS provides enough for them to live upon but the reality is otherwise. Mrs. Warren and others believe therefore both current and future SS claimants should have some sort of "boost up" mechanism to get their payments to a level that better reflects actual cost of living. OTOH there are those who see such maneuvers as welfare and therefore DOA.
So there you have it, both sides really don't want to open up SS debate (especially in the current political climate) for fear of a scorched earth fight where either side will concede ground that is an anathema to their base.
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