Social Security program running out of money, with benefits on track to be reduced by around 2035 unless Congress steps in, according to a report released by the Trump administration.
The prediction is somewhat better than last year’s annual assessment delivered to Congress, when the government predicted a reduction of benefits a year earlier in 2034.
The viability of America’s 84-year-old Social Security program has become an urgent question for politicians looking to court voters in next year’s election. One House bill would expand benefits for individuals, implement a payroll tax to earnings that are more than $400,000, and lower taxes for some recipients, among other things.
Nancy Berryhill, acting Social Security commissioner, said the program was able to buy more time before it depletes its reserves because of a decline in people receiving money for disability. Since last year’s estimate, the trust funds supporting Social Security increased by $3 billion in 2018 to a total of $2.895 trillion in reserves.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Social Security is headed for insolvency by 2035, government saysThe financial condition of the government's bedrock retirement programs for middle- and working-class Americans remains shaky
Weiterlesen »
Social Security won't be able to pay full benefits by 2035If Congress doesn't act soon, tens of millions of Americans will only receive about three-quarters of their Social Security benefits when they retire
Weiterlesen »
Five Republican Myths Employed at Recent Social Security HearingsRepublican members of Congress are cloaking their desire to cut Social Security in dulcet tones of bipartisanship. In doing so, they are spreading damaging myths about Social Security. Here is the truth regarding the following five claims pushed by Congressional Republicans in these hearings.
Weiterlesen »
That expected Social Security shortfall won't stand in the way of expansion, advocates sayAs the annual trustees report warns of impending trouble if Congress doesn't act, advocates hope lawmakers take action to both strengthen the program's finances and expand its benefits.
Weiterlesen »
One reason lawmakers are hesitant to fix Social Security: the millennialsMillennials have already been blamed for ruining department stores, the real estate industry and golf, and now there may be something else to add to the list: Social Security
Weiterlesen »
Sri Lanka Blocked Social Media To Stop The Spread Of Fake News About The Easter BlastsThe Sri Lankan Government Blocked Social Media Fearing Disinformation Could Inflame Tensions
Weiterlesen »
‘Avengers: Endgame’ leaked footage prompts Marvel fans to leave social mediaSpoiler-heavy footage of Marvel’s “Avengers: Endgame” leaked online before its April 26 debut, causing some fans to retreat from social media.
Weiterlesen »
Marvel fans warned to avoid social media after ‘Avengers: Endgame’ spoilers leakWith less than two weeks before the film hits theaters nationwide, fans are urging caution.
Weiterlesen »
Kris Jenner Broke Down How Much The Kardashians Get Paid Per Sponsored Instagram PostKris Jenner Revealed How Much The Kardashians Get Paid For Sponsored Social Media Posts
Weiterlesen »
Ocasio-Cortez gives up Facebook, calls social media a 'public health risk to everybody'Ocasio-Cortez, who has 3.9 million Twitter followers, said social media causes 'increased isolation, depression, anxiety, addiction, escapism.'
Weiterlesen »