Yeah, about Social Security

It has been thirty-seven years since Congress last made changes to forestall insolvency for the Social Security Trust Fund with the amendments of 1983. CHECK THEM OUT.

Those amendments included the following tax increases and many other changes, some of which would be called “cuts” in today’s political environment. An environment where there is inaction, misleading information, false claims and where there are calls not just to fix the finances, but to add more benefits before doing so.

Advances scheduled increases in Social Security tax rates. Social Security tax rates (which include the Hospital Insurance tax rates) for employers and employees will increase to 7.0 percent in 1984, {1} 7.05 percent in 1985, 7.15 percent in 1986-87, 7.51 percent in 1988-89 and 7.65 percent in 1990 and thereafter.

Congress had known for years back in the 1980s as it has now that it needed to do something to shore up the OASI’s finances, as Social Security’s actuaries for some time had been projecting that depletion date.

Surprisingly (or not) Congress kept avoiding implementing any fixes. It didn’t pass the necessary fixes until just four months prior to the depletion date

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