According to the Urban Institute’s analysis, even with taxes on ear earners, Mr. Biden’s proposal would buy the program only in the more resolved branch of five years, although it would soften the benefit cut if not further modified.
Mr Biden’s policy advisers, however, said the proposal was a preliminary bid. “The vice president’s lending proposal shows how it will increase the protection and benefits for all Social Security recipients when making down-payments on long-term solvency,” said Jean Sperling, Biden’s external adviser and former national economic adviser. “President Bill Clinton and Barack Obama.
Almost every American has something at stake, or someone close to them who does it: about 178 million workers contribute to the program, and this year, an estimated 45.8 million retirees will benefit about billion 70 billion – the average monthly check is almost social 500 1,500 per month, according to the Security Administration.
Under current law retirement benefits can only come out of a trust fund, which will run out by 2034, not taking into account the epidemic as predicted by the Social Security administration. At the time, the tax collected would be enough to pay only a 76 percent benefit. (A report from the Congressional Budget Office Fees from September predicts that trust funding will begin in 2031, with others, including the Bilateral Policy Center, coming sooner.)
The cost of bringing inactivity is serious, Mr Aqabas said, adding that as bankruptcy approaches, the necessary changes will become more and more painful – taxes will need to be increased, any cuts more serious. “We have a long wait to solve this problem,” he said, adding that fewer people can play a role in solving it. “
According to a 2017 study published in the Social Security Bulletin, approximately half of the population 65 and older live in homes that receive at least half of their security income from Social Security. About 25 percent of older families depend on Social Security for at least 90 percent of their income.
Joyce Welch, a 73-year-old retiree in Sacramento, pays Social Security alone. A mother who raised two sons, she worked full time for most of her life. But, his health began to decline about 15 years ago due to an undiagnosed autoimmune disease, and within a few years, he had to retire from his job as a site supervisor and family consultant at a Carrier Support Center in Los Angeles.
