Knight
Well-known Member
A few snippets from an opinion article.
Like this is a big mystery. I'd hate to be in my early 50's now, out of work & looking forward to a dismal life in my 60's & beyond.
Today, workers pay 6.2% of their taxable earnings up to $137,700 into the system. But as of 2035 onwards, beneficiaries who’ve consistently paid this amount are expected to receive only 76% of their scheduled benefits, according to the SSA.
Earle alluded to how a weak dollar could prolong “sluggish” growth and thereby reduce the longevity of the Social Security program. His comment coincided with recent efforts by Democrats and Republicans to pass another round of $1,200 stimulus checks, which are still ongoing.
Economists have said it’s unlikely that the government will have a reasonable solution anytime soon.
“This isn’t helped by the fact that traditionally Social Security has been a third rail issue where people who seek public office don’t have an incentive to attack this issue,” Earle said. “It’s a game of musical chairs where people want to dance around until it’s staring them in the face.”
https://www.yahoo.com/money/social-security-crisis-pandemic-114848170.html
Like this is a big mystery. I'd hate to be in my early 50's now, out of work & looking forward to a dismal life in my 60's & beyond.
Today, workers pay 6.2% of their taxable earnings up to $137,700 into the system. But as of 2035 onwards, beneficiaries who’ve consistently paid this amount are expected to receive only 76% of their scheduled benefits, according to the SSA.
Earle alluded to how a weak dollar could prolong “sluggish” growth and thereby reduce the longevity of the Social Security program. His comment coincided with recent efforts by Democrats and Republicans to pass another round of $1,200 stimulus checks, which are still ongoing.
Economists have said it’s unlikely that the government will have a reasonable solution anytime soon.
“This isn’t helped by the fact that traditionally Social Security has been a third rail issue where people who seek public office don’t have an incentive to attack this issue,” Earle said. “It’s a game of musical chairs where people want to dance around until it’s staring them in the face.”
https://www.yahoo.com/money/social-security-crisis-pandemic-114848170.html
