Retirement Fund to Deplete by 2033 Despite Upbeat Media Coverage
The media’s upbeat coverage of the latest Social Security report doesn’t match the grim reality. Despite claims of a stable labor market, the retirement fund is still set to run out by 2033 leading to a significant cut in benefits, according to the report of Washington Examiner.
President Biden’s administration is considering tapping into the Disability Insurance Trust Fund to delay the retirement program’s collapse by two years, a move that’s both questionable legally and harmful to the disabled who rely on it for support.
(photo: PBS)
Disability Fund Sacrificed to Prop Up Failing Retirement Program
The Disability Insurance Trust Fund provides genuine support for severe disabilities, unlike the Old-Age and Survivors Insurance program, which mainly benefits the rich. However, despite its stability, there’s talk of using funds from the disability program to prop up the failing retirement one.
The trustees’ report shows the retirement program is heading towards insolvency while the Disability Insurance Trust Fund remains financially secure. Despite this, there’s consideration of sacrificing support for the disabled to buy time for the retirement fund.
Without reforms, Social Security’s future is uncertain. Sensible options like raising the retirement age or adjusting benefits need serious discussion to ensure fairness and sustainability.
