Social Security program running out of money, with benefits on track to be reduced by around 2035 unless Congress steps in, according to a report released by the Trump administration.
The prediction is somewhat better than last year’s annual assessment delivered to Congress, when the government predicted a reduction of benefits a year earlier in 2034.
The viability of America’s 84-year-old Social Security program has become an urgent question for politicians looking to court voters in next year’s election. One House bill would expand benefits for individuals, implement a payroll tax to earnings that are more than $400,000, and lower taxes for some recipients, among other things.
Nancy Berryhill, acting Social Security commissioner, said the program was able to buy more time before it depletes its reserves because of a decline in people receiving money for disability. Since last year’s estimate, the trust funds supporting Social Security increased by $3 billion in 2018 to a total of $2.895 trillion in reserves.
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