Old Age and Survivors Insurance Trust Fund needs to be addressed by Congress.
A new report from the Congressional Budget Office shows the Old Age portion of the Social Security Trust Fund will be exhausted during 2023 if benefits continue to be paid as scheduled. Benefits under the Disability Insurance Trust Fund would be depleted by 2048 under the same schedule, they said.
The report added that an immediate and permanent payroll tax hike increase of 4.9 percent, or a reduction in benefits, or some combination, could keep the funds solvent through as long as 2096.
“After 2096, however, the gap between revenues and outlays would widen, and shortfalls would continue to increase,” the report stated.
Some in Congress are beginning to look at changes to Social Security.
As the Lord Leads, Pray with Us…
- For Congressional leaders as they give consideration to the necessary legislative solutions needed to keep Social Security trust funds solvent.
- For God’s hand of protection on all Americans who depend on Social Security benefits as their primary, or only, source of income.
Sources: Forbes, AP, Reuters, The Hill,
