Without significant reform, the Social Security Administration will be legally and financially unable to pay full promised benefits within a generation.
We know that Medicare is set to go bankrupt in 2024 with no action, and social security is set to be insolvent by 2037.
Since Medicare is on track to go bankrupt in 2024, the de facto Obama Medicare plan is to rob it and watch it disappear, leaving future generations without any hope of receiving benefits and today's seniors with an unpredictable future.
It's not 2038 that Social Security is bankrupt. It's now.
The president's claim that Social Security is going broke is misleading at best. The sky is not falling, although there is no doubt that the system needs to be strengthened.
While Social Security faces some long-term challenges, the system is not in crisis.
While it is clear that we need to make some adjustments to protect Social Security for the long term, it is disingenuous to say that the trust fund is facing a crisis.
According to the Social Security Administration, in 1945, 41.9 workers supported each individual retiree, while today only 3.3 workers support each retiree. This system cannot continue.
