Political Prognostications- Surplus Social Security Fund
The future of Social Security is an important issue and it holds significant implications for your post retirement days. You will find many conflicting opinions and many perspectives regarding the future of Social Security. There has always been a plurality of opinion between the President, the Congress and the common people of the US. And Political Prognostications in the US indicate that the future has changes in store for Social Security.
From the year 1983 onwards, surplus money has existed with the US Social Security program.
The payroll tax collections of the US government exceed the payments made through Social Security. As more and more baby boomers join the list of retirees and draw upon their accrued benefits, the surplus amount is likely to get eroded substantially.
In the years to come, the costs involved in maintaining the Social Security program is likely to increase. That will put heavy pressure on the US government to bring in measures and implement policies to prevent the situation from getting out of control. An increase in taxes or a reduction in the Social Security benefits could prevent the development of deficit amount in the program. But both the measures involve serious political repercussions that could affect the popularity of the party in power. There are various pitfalls related to Social Security that need to be addressed. Experts have suggested several corrective measures to improve the existing Social Security program and to save it from possible disaster. But political parties in the US have shown “reserve” in implementing those suggestions.