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In reply to the discussion: Social Security heading for insolvency even faster [View all]customerserviceguy
(25,183 posts)19. While it's folly to predict anything longer than ten years away
You can still look at the direction that we're going. Every year that passes, we're three years closer to seeing Social Security going broke, and that's assuming there is a political will to pay off the IOU's.
While there is nothing I would like to see more than an economic upturn, I'm afraid that at best all I can see is a muted recovery, where people who are trying to get back to work have to take lower paying jobs. This will put downwards pressure on all wages, and that's not good for the Social Security System.
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Obama's "Deficit Commission" (Simpson-Bowles) recommended a $50,000 cut in lifetime benefits
MannyGoldstein
Apr 2012
#27
And wasn't that before Obama cooked up the 2% cut in Social Security taxes?
dflprincess
Apr 2012
#33
So appointing the two biggest foes of Social Security to run a "deficit commision"
MannyGoldstein
Apr 2012
#32
We simply need to raise the cap on SS funding, and eliminate the Reagan tax cuts.
grahamhgreen
Apr 2012
#30