Bernie Sanders on Social Security: Everything You Need to Know
Since 1985, the annually released report from the Social Security Board of Trustees has cautioned that America's most important social program was in trouble. Namely, Social Security's long-term revenue (defined as the 75 years following the release of a report) would be insufficient to cover its growing outlays.
The silver lining among this worrisome tale is that Social Security, thanks to its two recurring sources of revenue, is incapable of insolvency. However, a number of ongoing demographic changes do suggest that benefit cuts of up to 23% may be imposed on then-current and future generations of retired workers by 2035 in order to keep payouts flowing from the Social Security program.
With Social Security facing up to a $13.9 trillion shortfall between 2035 and 2093, Americans are looking to their elected officials to fix this mess. Ultimately, it'll fall on the president of the United States to work with Congress to pass legislation that strengthens Social Security. The only question is, who will that president be?
Source Fool.com
