According to the 2017 Trustees report, “Trust Fund reserves become depleted in 2035.” They’re practically giving us a date that we can circle on a calendar and mark “End of Social Security.” The Trustees go on to lightly propose solutions, including an “immediate and permanent reduction” in benefits to all current and future Social Security recipients.” And in case you’re wondering who these whack-job Trustees are, they include the Treasury Secretary of the United States, the Secretary of Health and Human Services, and the Secretary of Labor. These aren’t just random people. We’re talking about politicians at the highest levels of government who are telling us that Social Security is running out of money… and calling for an immediate and permanent cut in benefits.
My comments: 2035 is optimistic. And unfortunately, you can't cut benefits, not enough to make a difference anyway. Social Security is a social contract, instituted by FDR and re-ratified by Reagan. It is not something you can change on a whim.
This is a slow-motion train wreck, or as the author puts it, a supernova. It is going to cause the whole system to blow up. But we have 13-17 years until it happens. The best we can do is small incremental changes that will delay the inevitable.
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