ocial Security trustees want to steal from the disabled to stave off retirement program’s insolvency
By
Tiana Lowe Doescher
May 17, 2024 4:00 am
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If you only read the corporate media coverage, you might mistake the annual Social Security Trustees Report for good news. The ostensibly objective reporters at the New York Times celebrated that a “strong labor market steadied Social Security and Medicare Funds.” While CBS News boasted that “the federal retirement program said Monday it may not need to cut benefits until 2035, one year later than previously forecast, because of stronger performance by the U.S.”
“On the projected depletion date, 83% of benefits will be payable if Congress does not act sooner to prevent that shortfall,” reported CNBC, which again attributed the “slightly improved outlook” to a supposedly “strong economy.”
There’s just one problem: None of this is true.
Contrary to the intentional conflations by the media, the federal retirement portion of Social Security is still projected to go broke in 2033, as the trustees projected in last year’s report. Upon reaching insolvency in nine years, Social Security will only be able to pay out 79% of scheduled benefits, equivalent to the 21% across-the-board benefit cut fiscal hawks have forewarned for years now.
But the media and President Joe Biden‘s administration want to raid the Disability Insurance Trust Fund to stave off the impending bankruptcy of Social Security’s retirement program by another two years, something that is currently illegal.
more
https://www.washingtonexaminer.com/magazine-business/3002987/social-security-trustees-want-to-steal-from-the-disabled-to-stave-off-retirement-programs-insolvency/
