Economist Warns Social Security System is ‘Broke Beyond Belief’

America’s Social Security system, as we know it, is in danger. It is facing a severe solvency issue. If nothing is done, it will no longer be able to pay out full benefits in less than 10 years.

The situation is so dire that a Boston University professor of economics has declared Social Security “broke beyond belief.” In an article by MoneyWise, he was quoted as saying “Its unfunded liability is $65.9 trillion — twice the size of official government debt.” His recommended solution was increasing payroll taxes.

The Seniors Trust believes a better solution is the passage of The Social Security Expansion Act. Not only will this landmark piece of legislation shore up solvency for decades to come, but it will also give retirees an immediate benefits increase of about $200 a month, increase minimum benefits, and establish a fair annual cost-of-living adjustment (COLA). Rather than increasing payroll taxes for everyone, the Social Security Expansion Act calls for increasing the wage cap and making high-income earners pay their fair share.