The 2022 Social Security Trustees Report, which was prepared in February when the outlook for the economy looked less uncertain, shows a slight decrease in the program’s 75-year deficit from 3.54% to 3.42% of taxable payroll . The depletion date for the trust fund bounced back from 2034 to 2035.
What does depletion of the trust fund mean? The depletion of the trust fund does not mean that Social Security is “bankrupt.” Payroll tax revenues keep rolling in and can cover about 75% of currently legislated benefits over the remainder of the projection period. Relying on only current tax revenues, however, means that the replacement rate — benefits relative to preretirement earnings — for the typical age-65 worker would drop by more than 25%.
It's bankrupt in 15 years not 75
Can’t wait to see who will step up and address this. This will be a little tougher than gun control.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Music can help us bridge political and social divides this Fourth of July | Social ViewsPeople on different sides of the gun issue, the abortion decision and even the Donald Trump presidency can find common ground listening to the strains of Bach or belting out the joyous lyrics of a gospel hymn.
Source: PennLive - 🏆 463. / 53 Read more »
Don't cut Social Security, expand itI recently participated in a debate with South Carolina Republican Sen. Lindsay Graham. We covered many topics but social security was among the most significant. Wow some of what he said made sense ! favorite tactic of dems before an election---scare older people into believing their ss will be cut. Typical Dem tactic before an election. Try and scare old people with the “their going to take away your SS”.
Source: FoxBusiness - 🏆 458. / 53 Read more »
Your Social Bucket List For A Summer Full Of Fun & FlavorIf you're the type who appreciates fun in the sun with friends, we've made a summer social bucket list just for you! ☀️ mbgpartner
Source: mindbodygreen - 🏆 296. / 63 Read more »
Can Social Scientists Help Control Epidemics?New collaborative efforts, such as the Social Science in Humanitarian Action Platform, are allowing anthropologists and other scholars to help align public health efforts with the on-the-ground knowledge and lived experience of people facing epidemics. Anthrofuentes F-yes they can! (Thoughtfully deployed, and eminently familiar with the communities they serve in, of course).
Source: SAPIENS_org - 🏆 227. / 63 Read more »
Social Change, Curmudgeons, and EV Expo FAQsWe answer the same questions over and over at a local EV expo, and wonder what it will take to effect real social change.
Source: cleantechnica - 🏆 565. / 51 Read more »