Social Security Benefits Set To Increase By Largest Amount In Years - Should President
Trump raise Social Security income?
Year after year Americans watch their cost of living go up but their Social Security
check stays the same.
Even the recent increase, thanks to President Trump and a booming economy, is not keeping
up with the cost of Medicare.
And now a new report shows that Congress is cheating Americans out of proper increases
so their payments will never keep up with cost of living.
Democrats claim that Republicans want our seniors eating dog food, but the reality is
both parties of Congress are complicit.
They need to start working together to take care of people who have paid into Social Security
faithfully over the years.
Should Trump raise Social Security income?
To Vote, Comment YES Or NO with your thoughts!
An American flag flutters in the wind next to signage for a United States Social Security
Administration office in Burbank, California October, 2012.
(Reuters / Fred Prouser) Americans receiving Social Security benefits
in 2018 can expect to see the program's largest payment increase in years, according
to the trustees report released Thursday.
In January, recipients will receive a $28 monthly increase in benefits, which, although
amounts to just 2.2%, is much larger than the 0.3% increase in benefits recipients collected
this year.
In 2016 the program offered no payout increase.
The average monthly payment for the program's 61 million beneficiaries is $1,253.
Despite the good news, Social Security and Medicare are still dealing with looming cash
shortfalls.
OASDI maintains funding levels will run dry by the mid-2030's, with Medicare Part A
projected to be depleted in 2029—one year later than projected in last year's analysis.
If Congress allows either fund to be depleted, millions of Americans living on fixed incomes
would face steep cuts in benefits.
Neither Social Security nor Medicare faces an immediate crisis.
But the trustees warn that the longer Congress waits to address the program's problems,
the harder it will be to sustain Social Security and Medicare without significant cuts in benefits,
big tax increases or both.
"Lawmakers should address these financial challenges as soon as possible," the trustees
wrote in their report.
"Taking action sooner rather than later will permit consideration of a broader range
of solutions and provide more time to phase in changes so that the public has adequate
time to prepare."
Republicans in Washington have long clamored to address the long-term financial problems
of Social Security and Medicare, the largest benefit programs run by the federal government.
But don't expect them to do much about it.
Over the years, House Speaker Paul Ryan, R-Wis., has insisted on overhauling those programs,
proposing a voucher-like system for Medicare and calling for partially privatizing Social
Security.
Now that Republicans control Congress and the White House, Ryan says he doesn't want
to tackle Social Security.
Instead, Republicans and the White House are focused on repealing and replacing former
President Barack Obama's health care law.
President Donald Trump has promised not to cut Social Security or Medicare, though his
budget proposal for next year would reduce Social Security's disability benefits by
nearly $70 billion over the next decade.
The savings would come from encouraging, and in some cases requiring, people receiving
the benefits to re-enter the workforce.
But even if Trump finds the savings, it wouldn't come close to solving the program's long-term
financial problems.
Social Security is independently funded by payroll taxes, so it is not subject to annual
spending bills approved by Congress.
AARP hopes it stays that way.
"Social Security should remain separate from the budget.
Medicare can improve if we reduce the overall cost of health care, rather than impose an
age tax, and if we lower prescription costs, instead of giving tax breaks to drug and insurance
companies," said AARP CEO Jo Ann Jenkins.
Over the past decade, Social Security and Medicare made up about 40 percent of federal
spending, excluding interest on the debt — and that share is projected to grow in the future,
according to the nonpartisan Congressional Budget Office.
Fifty years ago, the two programs accounted for 16 percent of federal spending
The programs are expanding in part because the U.S. is growing older.
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gridlock holding back U.S. growth In 1960, there were 5.1 workers for each person
getting Social Security benefits.
Today, there are about 2.8 workers for each beneficiary.
That ratio will drop to 2.1 workers by 2040, according to the CBO.
The trustees who oversee Social Security and Medicare are Treasury Secretary Steven Mnuchin,
Health and Human Services Secretary Tom Price, Labor Secretary Alexander Acosta and acting
Social Security Commissioner Nancy Berryhill.
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