Social Security recipients to see larger checks while lawmakers worry about the growing costs of the program.
WASHINGTON - People who receive Social Security deposits are about to see a bigger number on their checks.
Yet the COLA increase is a short term fix to a long term problem. Social Security officials have warned the programs cost will rise by 2035 and if nothing changes, current taxes will only be able to cover around 75% of the benefits. They blame the increase in costs on population aging and declining birth rates.Rep. John Larson is a long time supporter of Social Security He emphasized the urgent need for Congress to act in order to strengthen Social Security for future generations.
He added it’s important for future generations to urge Congress to preserve the program, “it’s up to that generation who will be more reliant on Social Security, because they’ve been saddled with all kinds of college debt, because they’re making less than their parents have, because they’re having a harder time of getting homes, etc. So they’ll have fewer assets and therefore need to have that program there for them.
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