In only about nine years the social security trust will be depleted. That means the only money to pay benefits will be the revenue (taxes) being sent to the trust which translates to about 21% cut in benefit payments.
That means if you receive $1500 a month in 2033 you would instead receive $1,185.
Why, because taxes are too low to pay promised benefits and the number of workers funding Social Security relative to number of people collecting benefits is shrinking.
If Social Security payments were made income tax free as has been proposed, the reduction in monthly benefits would be greater because income taxes paid on Social Security benefits are added to the Social Security and Medicare trusts.
It’s too late now, but it would have been nice to know the candidates plans to make Social Security and Medicare sustainable.
QUINNSCOMMENTARY 
Character defamations against candidates and goodies each candidate promise to give are the rules for election campaigns. And that seems to be the winning formula for the candidate outdoing the competition. Who ever heard about sacrifices since Jimmy Carter?
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“In only about nine years the social security trust will be depleted.”
Doesn’t that money come from current taxpayers anyway? Repaying the debt plus interest on bonds.
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The money in the trust comes from payroll taxes, Income taxes paid on SS benefits received and interest on the Treasury bonds held by the trust. Those bonds are being redeemed gradually now to pay full benefits which means the interest income will gradually decline.
Presumably the federal government will sell other bonds to investors in order to pay the trust for the redeemed bonds which means more deficits and debt I would think.
No matter how you slice it the funding is inadequate. The question for me is should only the younger generation take the full burden while those of us collecting and who actually avoided the necessary funding should share in the cost of fixing things.
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I was subjected to numerous political ads in the past 2 months and although I tried tuning them out, it seemed like the issues were abortion rights, the border and tax cuts. Occasionally one would pop up accusing one of planning to cut the income of the poor old senior citizen.
I don’t believe Social Security is anywhere near the top of concerns.
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Maybe you should ask why the media didn’t hold their feet to the fire on this issue.
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Yup, good point. Probably because it knew the voters only cared about the red herrings of border security and the economy. People mostly don’t think long term or strategically. If they did in this election they would have more focused on global issues and threats.
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