For years, conservatives have claimed Social Security is on the path to insolvency. A new report shows it's actually gotten healthier in the last year. From columnist hiltzikm:
Rep. John B. Larson introduces his expansion-minded Social Security 2100 Act in January with fellow Democrats and Social Security advocates at his side.
The crux of the conservative attack on Social Security in recent years has been the claim that the program is on an unbroken path to insolvency. Monday’s release of theknocks a pillar out from under that campaign, for it shows that the program actually got healthier during the last year. The trustees predicted that the program’s reserves — that is, the trust funds of its retirement and disability components — will be exhausted in 2035.
, the trustees pegged that date at 2034. In other words, the trust funds’ exhaustion last year was 16 years away; this year it’s still 16 years away.To use a different metric, the cost of making Social Security perfectly solvent has come down. Last year, the trustees projected that it would require an immediate increase in the payroll tax of nearly 2.8 percentage points, bringing the tax to 15.18% , up from the current 12.4%; this year that estimate came down to 2.
The trustees are Treasury Secretary Steven T. Mnuchin, Labor Secretary Alexander Acosta, Health and Human Services Secretary Alex Azar, and acting Social Security Commissioner Nancy Berryhill, all of whom serve ex officio. Two seats for appointed public trustees are vacant.
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