While politician seek service and program cuts for the lowest income Americans and lower taxes for the higher income, retired Americans are at a growing risk.
The Trustees for Social Security and Medicare released their annual reports on the financial status of the programs’ respective trust funds today. The Trustees project that the Social Security Old-Age and Survivors Insurance (OASI) trust fund and the Medicare Hospital Insurance (HI) trust fund will both run out of reserves in 2033, and the theoretically combined Social Security Old-Age, Survivors, and Disability Insurance (OASDI) trust fund will run out in 2034.
Upon insolvency of the retirement program, beneficiaries face a 23 percent across-the-board benefit cut. Medicare payments, meanwhile, would be cut by 11 percent. Both cuts would grow over time.
Over 75 years, the Trustees project the Social Security trust funds face an 3.82 percent of taxable payroll shortfall, up significantly from 3.50 percent last year – largely due to the enactment of the Social Security Fairness Act. Medicare HI faces a 75-year shortfall of 0.42 percent of payroll.
Source: Committee for a Responsible Federal Budget
See analysis HERE
QUINNSCOMMENTARY 
I say let’s follow the plan of the previous administration.
LikeLike
The program will not be insolvent, it will still function but need an appropriation for the shortfall starting in 2033. That amounts to business as usual. Right now when the Trust Fund bonds are redeemed, the money has to come from new borrowing or current budget appropriations. So I say business as usual. There won’t be a reduction in benefits because no congress man or woman wants to send out a letter saying next month we have to trim your check by 24%. Sorry.
Since Trump has no knowledge of or interest in Social Security, it will be the next administration to deal with it.
LikeLike