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Politics : Mainstream Politics and Economics
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FJB
To: RMF who wrote (54892)10/9/2013 1:53:40 PM
From: Brian Sullivan1 Recommendation  Read Replies (1) of 85487
 
You wanna be the one to tell grandma that she'll be getting 33% LESS in her checks?


That is already the plan for Social Security when the "trust fund" runs out.

The law states that after the "trust fund" runs out that payments will drop to whatever current inflows can support. That would be about a 33% cut that is scheduled to automatically occur around 2030.

Before that occurs the Federal Government will have to make good on the "trust fund" by diverting money that is currently spends on Medicare/Defense/etc. over the next 17 years. I believe that towards the end of that period over 25% of the annual federal budget will have to be diverted to repaying the Social Security "trust fund".

We are so screwed and we can't get the Democrats to even talk about reforming entitlements.
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