Don't Just Panic Over Social Security...

Don't Just Panic Over Social Security's Worsening Finances- Do Something About it

There are 1 comment on the Fox News story from Apr 30, 2012, titled Don't Just Panic Over Social Security's Worsening Finances- Do Something About it. In it, Fox News reports that:

For the first time in history, in 2010 Social Security paid out more money in benefits than it collected through payroll tax; The extra money being set aside in the Trust Fund for the past 30 years will be used up by 2033- three years earlier than projected just a year ago; The payroll tax would have to immediately be raised by 2.67 percentage ... (more)

Join the discussion below, or Read more at Fox News.

ScottEngageAmeri ca

New York, NY

#1 Apr 30, 2012
The 2012 Trustee's Report details the exhaustion of trust fund reserves in 2033, three years earlier than projected last year ( ). Yes, it is true that even after the fund is exhausted Social Security will be able to pay 75% of benefits, but how is being able to meet only three quarters of its obligations acceptable?

Reform must take place: either by raising the wage cap, by increasing the retirement age to keep pace with longevity, by means-testing and eliminating benefits for very high income seniors, or by some combination of these proposals.

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Business News Discussions

Title Updated Last By Comments
Drug Testing at GM 18 hr mizer540 2
Meir Ezra - How to Handle Difficult People Sat dejawainr 1
News Copart To Defend VB2 in Manheim Lawsuit (Jan '06) Fri bmw 792
will the loblaw warehouse in ottawa close its d... (Sep '09) Thu Hoffa 181
The Hiring Guru Meir Ezra Sep 30 ridgemursman12 1
News Stephen Colbert prepares for Steve Kinga s new ... Sep 26 Sterkfontein Swar... 3
Honeywell Th2110d1009 PRO 2000 Programmable Dig... (Mar '12) Sep 25 Brian4591 2
More from around the web