The Joe Biden Administration has been faced with sheer backlash from many of the decisions made since taking office but lately one of the most notable issues the administration is facing is their handling of Social Security…
The Congressional Budget Office, a non-partisan group that analyzes congress has recently released a report detailing the issues that the federal government has carried out regarding Social Security including whopping cuts to benefits.
Their specific report spells a more damning warning than other reports which could bring chaos if the course is not corrected sooner than later.
The Congressional Budget Office estimates that the Social Security Administration’s combination of both retirement and disability insurance programs will run out of money two year earlier than the annual report listed by the Social Security Administration’s Trustee’s.
That specific year estimated by the CBO lists that it will run out of money in 2033 instead of 2035. This more realistic estimation is spelling a dire warning that will require a distinct recourse of action that Biden’s Administration seems to not be going down.
The Trustee’s report seemed to also turn a blind eye to the continuous increase of price of living in the United States which has only been reinforced by the Dems reckless spending and budgeting in the federal government.
In the Social Security Administration’s Trustee’s report, they only took into account a 4.5% inflation for 2022 and a 2023 2.3% inflation, where as the CBO’s report lists the 8.7% increase for cost of living for just 2023.
The differentiating percentages just show yet again that the federal government is either ignoring the crisis at hand or refuses to come to terms with the situation.
Despite the two different projections, one thing has become abundantly clear: the future of the Social Security Administration is anything but secure.
Any chance of the Biden Administration changing course of this federal agency spiraling into chaos has been completely sidelined by whopping increase of spending in both Congress and in the Biden Administration, further proving that they are kicking the can down the road for someone else to face.
Not to mention, the national debt of America is only increasing at a rapid rate which would prevent any reform to step in and help the SSA.
As 2033 is only a decade away, the looming crisis is showing that the federal government is running out of both time and money.
According to the CBO report, The Social Security Administration is also faced with a wild amount of over-spending. Since its genesis, the SSA began with only to taking 2% of a workers paycheck, swearing that it would only increase to 6% tax at the very most.
Well, now the tax has increased 12.4% and the CBO reports that within the next 75 years if the action is not fixed the tax is estimated to increase to a whopping 45% at its current projections.
Without action to fix the SSA, the CBO estimates that by 2033, benefits from the SSA in some areas may face benefits being cut by 23%. Something that many Americans cannot live with.
If the SSA truly wanted to fix the issue of insolvency, The Daily Signal reports that there would have to be a whopping tax increase of 17.3%.
Regardless of which report you read, the issue is clear that the Social Security Administration is in dire circumstances and will require immediate help. However, the Biden Administration has done little to help this issue and has only made it worse with the continuous overspending and increasing national debt…