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 ( http://1.usa.gov/Kg5KuF ). 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
News Where to buy dichloroacetate... (Jul '07) Thu Madeline 48
US and Canada Banks Transfer Available Thu Tony Blaze 2
Bank Transfer Hacker (Sep '13) Thu Keith 8
will the loblaw warehouse in ottawa close its d... (Sep '09) Thu Dow 163
News Obama greeted by protesters waving Confederate ... Sep 2 impastor huckabee 2
News Trump upends GOP message on economy Sep 1 wild child 2
News This viral video of an Israeli soldier trying t... Sep 1 Eleanor 1
More from around the web