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this post was submitted on 06 Dec 2024
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I thought the reason they were raising the social security age was because "people are living longer". That is what I just read yesterday.
It’s a bit complicated, but yes and no. Is life expectancy in the us falling? Yes. Is life expectancy still longer than when the previous social security age was chosen? Also yes. And also factor that baby boomers are going to draw from it soon, and the middle class is shriking pushing people into poverty, that means a smaller amount of people who can’t be taxed as high. Also law makers are plundering the funds and putting in IOU’s they never intend to honor, to fund other things, using treasury bonds.
So right now social security will falter around 2030, and the pay out will fluctuate depending on how much the current work force can be charged. At that moment, it looks like 20% lower, and it will fall from there unless things change