Guest Keith Peterson in dailyherald: Congress needs to gain the political courage to deal with the growing crisis facing Social Security.
The Social Security Administration's most recent report on the health of the trust fund that sustains the benefits for some 65 million Americans reported that its trust fund will be exhausted one year earlier, by 2033.
The projected date for the exhaustion of the trust fund has been moved up because of an anticipated slowing of economic growth and employment since the Federal Reserve currently has its foot on the brake, using higher interest rates to slow the economy. by signing up you agree to our terms of service However, while there are tax increases in his proposed budget, more attention is paid to Medicare, the health insurance for the elderly, even though the SSA projects that the Medicare trust fund will last longer than previously thought, largely because of the COVID deaths of all those seniors.
On the tax side, payroll taxes are currently paid on the first $160,200 of income. The argument is why should Warren Buffett and Bill Gates be done paying payroll taxes for the year on January 2nd? Eliminating the cap would eliminate three-quarters of the shortfall.
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