Recent projections have dictated a terrible outcome for the Social Security program and beneficiaries alike. The projections indicate an urgent need for the politicians in Congress to cooperate and reform the Social Security program.
Current Projections
Current projections from CBO indicate the Social Security program to run a deficit of $120 billion this year alone. By the year 2030, this deficit will have grown to a projected $384 billion. If nothing is done soon, the Social Security trust fund will be depleted by 2032.
These projections are not only astonishing but also disturbing. Many elderly Americans rely on their Social Security benefits. And without creating the much-needed change, these individuals’ benefits will be at risk.
Fixed in the Past
Social Security’s future is a hot topic for many politicians. But did you know the program had problems and concerns in the past?
The Hill reports that these new projections are not the first time people have shown concern for the future of Social Security. Former Presidents Clinton, Bush, and Obama have all brought forth concerns for the Social Security program. Moreover, there are instances of concern even further back.
In 1983, Social Security underwent reforms to help mold the program to the current demographic. These reforms took place after President Reagan implemented the bipartisan National Commission on Social Security Reform, The Hill reports.
The purpose of the Commission? “To address the looming financial crisis facing our nation’s public retirement system.”
Through the recommendations of the Commission, the Social Security program was reformed and rebalanced, expanding coverage to millions. However, it seems these reforms were not enough; now Social Security benefits are at risk once again.
Help Us Create More Financial Security for Seniors Nationwide
Social Security benefits should never be cut; that is why Senior Security Alliance is urging the politicians in Washington to pass the groundbreaking bill – The Senior Citizens Bill of Rights.
This bill prevents benefit cuts, guarantees respect and protect for senior citizens, and provides them with a more financially secure future. Join us in our fight by signing our petition, contacting Congress, and taking action now.
