The annual report on the health of the Social Security Trust Funds has just been released. The reserves are declining, resulting in a crisis starting in 2033 for the Old-Age and Survivors Insurance (OASI Social Security earned benefit) when only 77% of benefits will be available for payout.
When facing this dilemma, Congress has only two choices: shore up the funds with new revenue or cut benefits. Our voices must be raised to increase funding, the simplest solution is to lift the current cap that ends payroll deductions after earnings reach $176,100.
You can learn more about the report here.