Social Security heading for insolvency even faster http://www.wral.com/business/story/11015206/ WASHINGTON â Social Security is rushing even faster toward insolvency, driven by retiring baby boomers, a weak economy and politicians' reluctance to take painful action to fix the huge retirement and disability program. The trust funds that support Social Security will run dry in 2033 â three years earlier than previously projected â the government said Monday. (more at above url)
A complete and total lie. It's rushing towards insolvency because congress has been looting the fund for decades. Any attempt to solve the problem will fail unless congress is prevented from their continual theft of the taxpayer dollars. You can raise the age to 80, slash benefits 50%, up the tax to 20%, have no income cap on it and the fund will still go broke if congress can get their hands on it. Had congress not been embezzling the fund we could be increasing benefits and lowering the retirement age. Of crimes committed by congress against the American people, this one ranks right at the top.