Battle to save social security wages on

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WASHINGTON, DC (WKBN) — Ohio Senator Sherrod Brown, chair of the Senate Subcommittee on Social Security, Pensions and Family Policy, spoke in the Senate on Tuesday about the importance of protecting Social Security.

The solvency of the program is under discussion just about every election season.

Social Security is basically divided into two trust funds. One for seniors (OASI) and one for people with disabilities (DI). These funds cannot borrow to continue paying distributions when specific taxes are not sufficient.

According to the Social Security Administration (SSA), both funds face long-term funding shortfalls. At this point, SSA says OASI has enough money to pay the distributions “on time” until 2034. At that point, the fund’s reserves will be depleted and the continued tax revenue will be enough to pay about 77% of the distributions.

The Disability Insurance Trust Fund (DI), which pays disability benefits, could only pay scheduled benefits until 2057.

Brown called on the Biden administration to appoint a permanent Social Security commissioner to oversee the program and any reforms.

“Social security is our government’s promise to working men and women — a promise that they can retire with dignity,” Brown said. “Social Security support cuts through party lines, geographic lines and racial lines.”

Brown has accused Republicans of seeking to undermine the program, but GOP members say their efforts, such as extending retirement age and cutting benefits for top earners, are ways to extend Social Security life, not to to make it go bankrupt.

President Biden recently tweeted a warning about what would happen if Republicans took control of Congress.

“Social security is on the chopping block. But if you support the Democrats, I promise you, Social Security will be protected. Period,” President Biden wrote.

The bottom line is that the costs will exceed the tax revenues spent on the trust funds if nothing changes. But keep in mind that this isn’t the first time Social Security has been compromised. According to the SSA, the funds operated with negative cash flow and depleted reserves between 1973 and 1893. Changes made substantial changes to the program that improved things with a substantial build-up of assets to continue the program to this day.


The Valley Voice
The Valley Voicehttp://thevalleyvoice.org
Christopher Brito is a social media producer and trending writer for The Valley Voice, with a focus on sports and stories related to race and culture.

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