Social Security is on the verge of a funding crisis, and there's renewed debate about how to fix it.
Members of Congress are proposing several ways to shore up social security. It's top of mind for many after a December report by the Congressional Budget Office that says two trust funds used to pay for Social Security will be depleted by 2033. Some say the solution is simple: change the date on which excess reserves are invested, thus saving the program money. Economist Vance Ginn says that might help, but it won't fix the bigger problem.
“There’s a lot more payments going out compared to the amount of benefits or taxes or interests that’s being put into the trust fund,” Ginn explained.
Some Democrats have proposed raising taxes on the rich to fund Social Security. While Republicans, like Representative Rick Allen of Georgia, have proposed raising the age of retirement.