Today the Social Security and Medicare trustees Report was released in Washington D.C at the Treasury Department. The 6 trustees all discussed where Social Security and Medicare benefits were heading and the information is not good. We have to ask the question, “Is social security broke?
According to the report since the economic recession hit this country there is less money in the fund with more individuals receiving funds as they retire. Charles Blahous one of the public trustees stated deficits in Social Security will continue to eradicate the funds as revenues continue to decline. The insurance funds will exhaust themselves by 2018 if there is no increase in taxes or cuts in benefits.
Our representatives on Capital Hill continue to say there is nothing wrong with Social Security at this time. They continue to tell the citizens there is nothing to worry about, but according to this report we need to address this problem just as we must address the national debt problem which had been swept under the rug for so many years while Congress continued to spend what they didn’t have.
Many citizens have and will rely on this fund as their only source of income upon retirement, we must not ignore the reality that the fund is broke and needs to be fixed. Billions of dollars have been paid into these funds and the citizens deserve their benefits once they do retire.