SS is an insurance product. In essence, you pay in your premiums and get paid out the benefit in the future. If SS, were a private policy, the leaders would be indicted for fraud. How can you sell a policy and promise a benefit that can’t be afforded.
The govt tells us that in 9 years only 80% of the benefit will be paid out, yet they sell the policy as if it will be whole. Every year beneficiaries will receive a letter stating their payout but as if it were 100% which is statutorily incorrect. By law, SS can’t pay out the full benefit after 2032.
And yet politicians refuse to solve the problem. Dems even ridicule the GOP for trying to solve the problem. Ironically, the significant effects of climate change are more than 9 years off but that problem gets more attention than the mathematical certainty that is less than 10 years away.
thehill.com
The govt tells us that in 9 years only 80% of the benefit will be paid out, yet they sell the policy as if it will be whole. Every year beneficiaries will receive a letter stating their payout but as if it were 100% which is statutorily incorrect. By law, SS can’t pay out the full benefit after 2032.
And yet politicians refuse to solve the problem. Dems even ridicule the GOP for trying to solve the problem. Ironically, the significant effects of climate change are more than 9 years off but that problem gets more attention than the mathematical certainty that is less than 10 years away.
Social Security set to run short of funds one year earlier than expected
Social Security funds are set to start running a shortfall in 2032, one year earlier than previously expected, the director of the Congressional Budget Office (CBO) said on Tuesday. “The Social Sec…
thehill.com
