The 2021 Social Security Trustees Report, which usually comes out in the spring, emerged in the last week in August. That’s not surprising given a new administration and a somewhat more complicated story than usual.
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Yet, the 75-year deficit increased from 3.21% to 3.54% of taxable payrolls. The biggest movers were: 1) fewer births than expected in 2020 and recognition that women will continue to delay childbearing; 2) a 1% decline in the level of potential GDP due to COVID-19 and the accompanying recession; 3) updates to projections of initial benefits; and 4) moving the valuation period ahead one year. These major changes plus a host of smaller ones produced the largest deficit since the 1983 reforms .
Stop raiding the fund and it would be fine.
Congress can start by; 1. Stop raiding funds off the Social Security coffers. 2. Payback over 6T dollars of IOUs since Oct 31st, 1981 3. Tax the Rich & Tax all earned Dollars from age 16-64yrs
Make Social Security optional. It’s just another way of taxing people and funding the government. NoSocialSecurity
Fire Congress?
wow
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