Every year, we are treated to an annual report by the trustees of our nation’s Social Security fund, and every year, the estimated date of its insolvency shifts. What remains the same is that the money is going to run out.
The fund will be operating in the red by 2020, and Social Security benefits will be cut by up to 20% for everyone on the rolls by 2035. Money for Medicare Part A, covering 60 million Americans, will be gone by 2026. These are the conclusions of the latest trustees’ report, and they are not acceptable.
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