Congress must take action on Social Security
Another year has come and gone with neither Congress
nor the White House doing anything to ensure
Social Security is viable for future generations.
That is despite the fact that, at 80 years old, Social
Security is well on its way to going belly-up. Federal
officials say the Social Security trust fund will run out
ofmoney by 2033.
Without ever-increasing contributions from workingAmericans,
benefits to retirees cannot bemade. By
2033, the pool of Social Security recipients will total
about half the number of working people in this country.
That means that, on average, benefits for one
retireewill have to be covered entirely out of thewages
of two workers.
So something needs to be done to get Social Security
revenue balanced with benefits. But it didn’t happen
last year.
Some Democrats in Congress did have an idea in
2015, however: Theywanted to increase Social Security
benefits.