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— President Biden - 1 Donald Trump — - 1 Valerie Macon - 1 Martin O'Malley - 1 O'Malley - 1 — - 1
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Insurance Trust Fund - 2 Social - 2 Social Security - 2 Security - 1 Disability Insurance Trust Fund - 1 — - 1 Social Security Administration - 1 Afp - 1

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☆ Opinion | Want to fix Social Security? The Well-Off Must Accept Smaller Checks.
  + stars: | 2024-05-13 | by ( Peter Coy | ) www.nytimes.com   time to read: +1 min
That’s all that’s left until the combined Social Security accounts — the Old-Age and Survivors Insurance Trust Fund and the Disability Insurance Trust Fund — are likely to run out of money and can no longer pay full scheduled benefits, according to the latest report of the Social Security trustees. (Even with no fix at all — highly unlikely — incoming payroll taxes would cover 83 percent of scheduled benefits.) What I do worry about is what Washington’s patch for Social Security will look like. The cold math shows that fixing Social Security in a lasting way will require a combination of tax increases and benefit cuts. And both parties’ leaders — President Biden and former President Donald Trump — have ruled benefit cuts off the table.
Persons: — President Biden, Donald Trump — Organizations: Security, Insurance Trust Fund, Disability Insurance Trust Fund, Social, Social Security, —
☆ Social Security now expected to run short on funds in 2035, one year later than previously projected, Treasury says
  + stars: | 2024-05-06 | by ( Lorie Konish | ) www.cnbc.com   time to read: +4 min
Valerie Macon | Afp | Getty ImagesThe trust funds the Social Security Administration relies on to pay benefits are now projected to run out in 2035, one year later than previously projected, according to the annual trustees' report released on Monday. The Social Security trustees credited the slightly improved outlook to more people contributing to the program amid a strong economy, low unemployment and higher job and wage growth. "This year's report is a measure of good news for the millions of Americans who depend on Social Security, including the roughly 50% of seniors for whom Social Security is the difference between poverty and living in dignity — any potential benefit reduction event has been pushed off from 2034 to 2035," Social Security Commissioner Martin O'Malley said in a statement. What reports reveal about Social Security, MedicareSocial Security's new 2035 depletion date applies to its combined trust funds. The Medicare Hospital Insurance trust fund — used to fund Part A benefits — saw the biggest improvement in this year's trustees report.
Persons: Valerie Macon, Martin O'Malley, O'Malley, — Organizations: Social Security Administration, Afp, Getty, Social Security, Social, Medicare, Insurance Trust, Disability Insurance Trust, Medicare Hospital Insurance, Insurance Trust Fund, Department Locations: Burbank , California
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