Don’t Age or Count on Social Security (SS)
The Congressional Budget Office (CBO) issued options or recommendations for reducing the federal deficit from 2017 thru 2026. CBO is a nonpartisan agency made up of economists and budget analysts. The agency formed in 1974 and follows requirements outlined in the Congressional Budget and Impoundment Control Act of 1974. CBO does not make policy recommendations. In this latest report it proposed options for deficit reductions and revenue increases. The report to Congress recommends 115 changes needed to reduce deficit growth.
SS is an earned income benefit program, meaning its revenue comes from FICA otherwise known as payroll taxes. By law SS can’t increase the federal deficit because its sourcing comes directly out of the General Treasury Fund. However, benefits are growing and lawmakers are raiding and relocating funding to other special interest projects. Current policy mandates employees and employers pay directly into FICA. Large employers and other wealthy stakeholders have lobbied and pushed forward agendas to reduce SS benefits and outlays.
CBO recommendations push forward the idea of needing to reduce benefits. Recommendations are to link benefits to prices not income, raise retirement age, reduce benefits, require more working years and require future recipients to hold their breath for weeks, not need to eat and to live 200 years without medical treatment. Conservative seniors in California won’t receive benefits because Liberals will take them. In a last push to reduce SS benefits seniors will be placed on one way flights to the moon. More can be found at https://www.cbo.gov/publication/52142
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