The 2017 Social Security Trustee Report was recently released and indicated several Social Security funds will be out of money and forced to cut assistance to beneficiaries by 2034.
The House Ways and Means Subcommittee on Social Security met last week to discuss what this discovery will mean for the future of the program, and how Congress can fix it.
Subcommittee Chairman Rep. Sam Johnson led the meeting with this statement:
We all know Social Security provides important retirement and disability benefits that millions of Americans rely on. Yet, as we will hear again today, Congress needs to act, so we can be sure that those benefits will be there for our children and our grandchildren just like they are for seniors and individuals with disabilities today.
By 2026, the outflow of general Social Security funds will surpass income—meaning the fund will become insolvent. This, combined with results found in the latest reports, are serious problems for young people.
Millennials will be taxed close to $400,000 for the program during their working lives, but for what?
In 2017 alone, the federal government will spend nearly one trillion dollars on Social Security—more than it spends on the military, education, housing, food, transportation, energy and the environment combined.
All of this, in addition to a $20 trillion debt, doesn’t look good for our nation’s future leaders.
This program was made the same year the first technicolor Mickey Mouse short film was released. Social Security as we know it is outdated and designed for the workforce of 1935, not today.
During last week’s meeting, subcommittee member Rep. John Larson described Social Security programs as “antiquated,” and he’s right. Younger generations are using alternative methods to manage their retirement savings.
If the Ways and Means Committee and other elected officials are looking for a way to fix Social Security for the future, it’s time they consider reform. Without serious change, young people must be given the choice to opt-out of paying into this failing program.
If you’re ready to add your voice to the growing crowd demanding change, click here to sign the petition from Generation Opportunity Institute!