Social Security in danger

Alternet - The future of Social Security, the government program that touches the lives of more Americans than any other, will be determined by the results of the November elections. Let us explain. The Social Security program faces a funding shortfall. As ABC News reported back in June:

Social Security’s trust fund that pays retiree and survivor benefits is expected to begin running low on money earlier than previously expected, leading to questions from Americans who rely on the benefits for their living expenses. Without congressional action, the fund is now expected to begin depleting by the fourth quarter of 2032, according to a report issued Tuesday by Social Security’s trustees, the body that manages the trust fund.

This does not mean that, as some who for their own political purposes argue, Social Security is going “bankrupt.” Those who depend on Social Security (roughly 68 million Americans) do not have to worry about their checks stopping. Instead, they need to be concerned about a very significant cut to their benefits.

But know this: The reduction can be avoided with courageous political action. Congress and the president can make adjustments that will close the gap and pay out promised benefits. Back in 1983, Congress and President Ronald Reagan hammered out a solution to do just that.