As the annual trustees report warns of impending trouble if Congress doesn't act, advocates hope lawmakers take action to both strengthen the program's finances and expand its benefits.
With Social Security expected to face revenue shortfalls starting next year, consumer advocates are hopeful that Congress is moving toward acting on legislation that would both shore up the program and expand benefits.
"I think the fire is already lit," said Nancy Altman, president of advocacy group Social Security Works."The House is acting, and they're hoping to vote on legislation this year." While the program can fully fund benefits for another 16 years or so, the trustees report cautions that the longer lawmakers delay taking action, the more severe the changes will need to be to restore solvency.
It also would require that earnings above $400,000 be subject to the payroll tax. Right now, earnings above a certain level — $132,900 for 2019 — are not subject to Social Security taxation.Homeowner avoided 'energy guzzlers' and it's paying offAmong other changes, the yearly cost-of-living adjustment for benefits would rely on a different formula to more accurately reflects rising costs for older Americans.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Five Republican Myths Employed at Recent Social Security HearingsRepublican members of Congress are cloaking their desire to cut Social Security in dulcet tones of bipartisanship. In doing so, they are spreading damaging myths about Social Security. Here is the truth regarding the following five claims pushed by Congressional Republicans in these hearings.
Lire la suite »
One reason lawmakers are hesitant to fix Social Security: the millennialsMillennials have already been blamed for ruining department stores, the real estate industry and golf, and now there may be something else to add to the list: Social Security
Lire la suite »
Social Security is headed for insolvency by 2035, government saysThe financial condition of the government's bedrock retirement programs for middle- and working-class Americans remains shaky
Lire la suite »
Social Security won't be able to pay full benefits by 2035If Congress doesn't act soon, tens of millions of Americans will only receive about three-quarters of their Social Security benefits when they retire
Lire la suite »
Sri Lanka Blocked Social Media To Stop The Spread Of Fake News About The Easter BlastsThe Sri Lankan Government Blocked Social Media Fearing Disinformation Could Inflame Tensions
Lire la suite »
‘Avengers: Endgame’ leaked footage prompts Marvel fans to leave social mediaSpoiler-heavy footage of Marvel’s “Avengers: Endgame” leaked online before its April 26 debut, causing some fans to retreat from social media.
Lire la suite »
Marvel fans warned to avoid social media after ‘Avengers: Endgame’ spoilers leakWith less than two weeks before the film hits theaters nationwide, fans are urging caution.
Lire la suite »
Kris Jenner Broke Down How Much The Kardashians Get Paid Per Sponsored Instagram PostKris Jenner Revealed How Much The Kardashians Get Paid For Sponsored Social Media Posts
Lire la suite »
Ocasio-Cortez gives up Facebook, calls social media a 'public health risk to everybody'Ocasio-Cortez, who has 3.9 million Twitter followers, said social media causes 'increased isolation, depression, anxiety, addiction, escapism.'
Lire la suite »