“We should all be urging our elected representatives from both parties to immediately start working together on the changes necessary to keep the Social Security Trust Funds solvent,” columnist MktwHulbert writes.
The latest report on the financial status of the Social Security system, released this week, is a silver lining in a very dark cloud.
This week’s report to which I refer is from the office of the chief actuary of the Social Security system on the financial status of the Social Security program.
Why the improvement? The chief actuary identifies several sources, but perhaps the biggest is that “the economic recovery from the brief recession in 2020 has been stronger and faster than assumed in last year’s report.” That improvement translates into an increase in payroll taxes paid into the Social Security system.
As the chief actuary notes in the report, “If substantial actions are deferred for several years, the changes necessary to maintain Social Security solvency would be concentrated on fewer years and fewer generations. Significantly larger changes would be necessary if action is deferred until the combined trust fund reserves become depleted in 2035.”
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