WITHOUT ACTION BY CONGRESS, IOWA SENATOR CHUCK GRASSLEY SAYS SOCIAL SECURITY RECIPIENTS WILL FACE A DEEP REDUCTION IN BENEFITS LATE IN 2032.
GRASSLEY IS CHAIRING A SENATE FINANCE SUBCOMMITTEE HEARING WEDNESDAY ON THE FUTURE OF SOCIAL SECURITY.
HE SAYS WITH OUR POPULATION AGING AND THE BIRTH RATE DROPPING, WE FACE A QUANDARY.
CGSSI1 OC……..”THE TRUSTEES” :19
GIVEN THE WAGE CAP, THE FEDERAL GOVERNMENT STOPS COLLECTING SOCIAL SECURITY TAXES AFTER A PERSON’S EARNINGS HIT A CERTAIN AMOUNT, WHICH IS NOW 184-THOUSAND-500.
VERMONT SENATOR BERNIE SANDERS SAYS BECAUSE OF THAT CAP, TRILLIONAIRE ELON MUSK PAYS AS MUCH INTO SOCIAL SECURITY AS SOMEONE MAKING 185-THOUSAND DOLLARS A YEAR.
CGSSI2 OC……..”FORMULAS THAT WORK” ;19
GRASSLEY SAYS THE AGE AT WHICH SOCIAL SECURITY BENEFITS CAN BE TAKEN MAY ALSO NEED TO BE RAISED.
WITHOUT ACTION, VARIOUS STUDIES PROJECT THE SOCIAL SECURITY TRUST FUND COULD BE EXHAUSTED BY 2034 OR 2035.
CGSSI3 OC……. “GET A CUT” ;16
GRASSLEY CREDITS THE 1983 COMPROMISE BETWEEN PRESIDENT RONALD REAGAN AND DEMOCRATIC HOUSE SPEAKER TIP O’NEILL, WHICH LED TO A TEMPORARY FIX FOR SOCIAL SECURITY THAT’S ALREADY LASTED MORE THAN 40 YEARS.
HE SAYS NEW “VISION” IS NEEDED TO FIND ANOTHER LASTING FIX.
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