Going Down

As usual, this completely dysfunctional Congress can’t seem to find the fix for Social Security. The trust fund is now estimated to run out of money in 2033, three years earlier than previously anticipated. After that, taxes will cover only about 75 percent of promised benefits. It’s still not all that hard to fix it. Right now, Social Security taxes are paid on income only up to $110,100. Congress can raise that level, but of course that would mean asking high earners to pay more, something Republicans absolutely refuse to do. The other alternatives are to raise the retirement age and/or reduce benefits, choices Democrats oppose.  A combination of all three is probably the most politically palatable, but don’t look for this current bunch in Washington to arrive at anything remotely resembling a sane solution. Expect them to continue blaming each other, an outcome that’s a lot more likely than either side taking the heat for making even the modest adjustments needed to make the trust fund solvent again.

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