This could work, but not now while DJT is intent on privatizing Social Security to benefit the wealthy who'd raid and/or fail to safeguard the Trust Funds. If we donated right now, the oligarchs would just confiscate a bigger pot of money.
As of 2034 (give or take), the Trust Funds are projected to be depleted -- but Social Security would…
This could work, but not now while DJT is intent on privatizing Social Security to benefit the wealthy who'd raid and/or fail to safeguard the Trust Funds. If we donated right now, the oligarchs would just confiscate a bigger pot of money.
As of 2034 (give or take), the Trust Funds are projected to be depleted -- but Social Security would still be paid out of ongoing FICA taxes. Those FICA taxes wouldn't cover the entire amount due, so projections are that Social Security checks would continue to be paid but at a lesser amount. Deporting undocumented immigrants will exacerbate the demise of the Trust Fund because they do pay into Social Security but cannot qualify for Social Security benefits. There's a lot of money sitting in the Trust Funds which won't be claimed by these undocumented immigrants.
Reagan signed a bipartisan bill into law in 1983 which provided for tweaks to the funding and eligibility requirements & said that would make Social Security solvent for 30 years. Here we are, 42 years later, and Social Security is still solvent albeit in need of updated funding. No other government program or agency is funded past the end of the Fiscal Year (or Continuing Resolution), so Social Security is more securely funded than, say, the Defense Department. It all comes down to Congressional intent.
This could work, but not now while DJT is intent on privatizing Social Security to benefit the wealthy who'd raid and/or fail to safeguard the Trust Funds. If we donated right now, the oligarchs would just confiscate a bigger pot of money.
As of 2034 (give or take), the Trust Funds are projected to be depleted -- but Social Security would still be paid out of ongoing FICA taxes. Those FICA taxes wouldn't cover the entire amount due, so projections are that Social Security checks would continue to be paid but at a lesser amount. Deporting undocumented immigrants will exacerbate the demise of the Trust Fund because they do pay into Social Security but cannot qualify for Social Security benefits. There's a lot of money sitting in the Trust Funds which won't be claimed by these undocumented immigrants.
Reagan signed a bipartisan bill into law in 1983 which provided for tweaks to the funding and eligibility requirements & said that would make Social Security solvent for 30 years. Here we are, 42 years later, and Social Security is still solvent albeit in need of updated funding. No other government program or agency is funded past the end of the Fiscal Year (or Continuing Resolution), so Social Security is more securely funded than, say, the Defense Department. It all comes down to Congressional intent.
Don't need much to move the default date. One donor like Musk could do it....