Social Security's finances have improved slightly in the last year. But the popular retirement program still faces big challenges including the threat of automatic benefit cuts in less than a decade.
Social Security's finances have improved slightly in the last year. But benefits are still facing an automatic cut in less than a decade unless Congress takes steps to prop up the program.In these challenging times, the need for reliable local reporting has never been greater. Put a value on the impact of our year-round coverage. Help us continue to highlight LA stories, hold the powerful accountable, and amplify community voices. Your support keeps our reporting free for all to use.
There's some good news in the new forecast. Thanks to higher-than-expected worker productivity and a decline in expected disabilities, Social Security isn't burning through cash as fast as trustees predicted a year ago. "When you see the two major candidates running for president tripping over themselves to promise what they won't do to fix the problem, you have to worry because those kinds of reforms really start at the top," says Maya MacGuineas, president of the Committee for a Responsible Federal Budget."Seniors spent a lifetime working to earn the benefits they receive," Treasury Secretary Janet Yellen, who leads the trustees, said in.
"Those who want to cut Social Security couch it in affordability," says Nancy Altman, who heads the advocacy group Social Security Works."But of course, there's no question we can afford it. It's really a question of values. And as polarized as we are, we're not polarized over this.""If they didn't act, not only would they all be voted out of office," she says,"they couldn't even remain in Washington. They'd be chased down the street.
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