Social Security Update: Officials Tout 'Measure of Good News' Amid Deficit
==========
The Social Security program will be able to pay all scheduled benefits in full until 2035, a year longer than previously expected, thanks to the strong performance of the U.S. economy, according to the Social Security Board of Trustees. The combined asset reserves of the program's two funds are projected to have enough revenue to pay all scheduled benefits and associated administrative costs until 2035, at which time there will be enough money to pay 83 percent of scheduled benefits. The depletion of the program's funds has been pushed off from 2034 to 2035. Congress' action is needed to reform the system and make it sustainable. Possible solutions include raising payroll taxes, lowering benefits, and increasing the retirement age. The Social Security Board of Trustees includes Martin O'Malley, Commissioner of Social Security, Janet Yellen, Secretary of the Treasury and Managing Trustee, Xavier Becerra, Secretary of Health and Human Services, and Julie Su, Acting Secretary of Labor.
#SocialSecurity #Benefits #Deficit #UsEconomy #Congress
https://www.newsweek.com/social-security-update-recipients-receive-boost-despite-deficit-1897797
Newsweek /
npub1ka…2agq5
2024-05-07 12:08:17
Author Public Key
npub1ka5jtasfg8rfe47ypj4x0a2d70fvaksu0u9z9rku70yc8hmjmu9sz2agq5Published at
2024-05-07 12:08:17Event JSON
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"content": "Social Security Update: Officials Tout 'Measure of Good News' Amid Deficit\n==========\n\nThe Social Security program will be able to pay all scheduled benefits in full until 2035, a year longer than previously expected, thanks to the strong performance of the U.S. economy, according to the Social Security Board of Trustees. The combined asset reserves of the program's two funds are projected to have enough revenue to pay all scheduled benefits and associated administrative costs until 2035, at which time there will be enough money to pay 83 percent of scheduled benefits. The depletion of the program's funds has been pushed off from 2034 to 2035. Congress' action is needed to reform the system and make it sustainable. Possible solutions include raising payroll taxes, lowering benefits, and increasing the retirement age. The Social Security Board of Trustees includes Martin O'Malley, Commissioner of Social Security, Janet Yellen, Secretary of the Treasury and Managing Trustee, Xavier Becerra, Secretary of Health and Human Services, and Julie Su, Acting Secretary of Labor.\n\n#SocialSecurity #Benefits #Deficit #UsEconomy #Congress\n\nhttps://www.newsweek.com/social-security-update-recipients-receive-boost-despite-deficit-1897797",
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