A lot of people have been worried about the future of Social Security for a long time. The Social Security and Medicare Boards of Trustees Report say that the systems will run out of money by 2035 if major policy changes are not made.
In real life, this means that Social Security will not be able to pay the full amount of payments, but only about 79% of them. Even though the system should be stable by then, the cut in benefits could have a huge effect on many Americans, possibly even being disastrous.
“Because benefit recipients are already getting very little money, a cut in benefits is not an option for them,” said Makini Chisolm-Straker, a former White House Fellow. “Every honest member of Congress and every future president should back the work of the Social Security Administration to protect people’s finances.”
What Could Happen to Social Security with the Upcoming Election?
A lot of people are curious about what the winning candidate will do to improve Social Security now that the election is almost over. The best and worst things that could happen if Donald Trump wins the election are shown below. These things could happen if Kamala Harris were to become president.
Best-Case Scenario
Colin Ruggiero, co-founder of DisabilityGuidance.org, thinks that the best thing that could happen for Social Security is for the economy to get better. This could create more jobs and raise pay.
Possible Outcomes
If the economy thrives:
- More job opportunities could be created.
- Wages might increase, providing greater financial stability.
- Higher wages could mean more contributions to the Social Security fund.
On the other hand, if the economy struggles:
- Job opportunities may decrease.
- Wages could stagnate or even decline.
- The Social Security fund might face additional pressure.
As the election draws near, it is important for voters to think about these possible results and how they might affect their future finances. For Social protection to last, it’s important to vote for candidates who put the financial protection of the country’s people first.
What’s the More Likely Scenario?
“I think the next most likely thing would happen is that Social Security payroll taxes would go up for people making more than $168,600 a year,” Ruggiero said. “This would make sure that people with more money are contributing an equal amount to Social Security.”
Expert Opinions on Social Security Reform
Kelly Gilbert, owner of EFG Financial, feels the same way about how Social Security change is going right now.
“Unfortunately, there isn’t a best-case scenario yet,” he said. “Reforms to Social Security are badly needed, but politicians are still very sensitive to the subject.” If you suggest a way to fix Social Security, your opponents might attack you.
It’s becoming clearer that finding a workable answer for Social Security reform is hard as the debate goes on. The discussion is still going on, and any changes to the system will need careful thought and backing from both parties.
When thinking about the worst thing that could happen after the next election for president, both Ruggiero and Gilbert agree on one thing: nothing important will change.
The Likely Outcome: Status Quo
Gilbert said, “The worst-case scenario is probably the most likely one.” “It’s likely that nothing will be fixed after the election, and the can will be kicked down the road for another term.”
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