Is Social Security a Ticking Time Bomb?

With Americans living longer than ever before, two critical programs are facing a financial crisis. According to an article by John Stossel in the Antelope Valley Press, with people living to age 76, on average, there aren’t enough workers today to fill Social Security and Medicare’s coffers. As a result, both programs are facing a looming deficit.

And when that happens — which could be in less than 10 years — Social Security will only be able to pay a fraction of its promised benefits. Making matters worse, many lawmakers try to “kick the can down the road” when solvency needs to be addressed now, before the Social Security trust fund reaches a deficit.

The Seniors Trust strongly believes the only viable solution is passage of the Social Security Expansion Act. This landmark bill will increase monthly benefits by $200, create a better cost-of-living adjustment (COLA) calculator that takes into account the expenses impacting seniors the most, and buttress the long-term solvency of Social Security.