Thursday, July 13, 2017

Social Security Trustees 2017 Report

The New Social Security Trustees 2017 Report shows a program that is Strong and Growing. It Projects that, even if Congress took no Action whatsoever, Social Security could pay 100% of Benefits owed through 2034, and 77% of Benefits owed after that.

And if everyone Payed their Fair Share, we can afford to Expand Social Security and Extend the Lifespan of the Trust Fund.

This Year’s Report Projects that in 2017 Social Security will run an Annual Surplus of roughly $58.6 Billion, bringing the Accumulated Surplus to about $2.9 Trillion by the end of the year.

This is why the Democratic Party strongly favors Expanding, not Cutting Social Security, and why Expansion was even included in the 2016 Democratic Party Platform: We will Fight every Effort to Cut, Privatize, or Weaken Social Security, including attempts to Raise the Retirement Age, Diminish Benefits by Cutting Cost-of-Living Adjustments, or Reducing Earned Benefits. Democrats will expand Social Security.

Since 2015, Democrats introduced 20 Social Security Expansion Bills in the House and Senate. And the Social Security 2100 Act, introduced this year by Rep. John Larson (D-CT), has 162 Co-Sponsors in the House, the largest number of Supporters for any Expansion Bill ever.

But there are some more things to Tweak:

1. Adding more types of income to add to the FICA Tax.
2. If extending the Age to start Collecting, add a filter for the type of work performed.
3. Higher Income Retirees have their Monthly Payments Qualified by a Defined Factor.

NYC Wins When Everyone Can Vote! Michael H. Drucker
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