Social Security’s has negative balance, and because it has a negative balance the U.S. treasury is paying what is owed to the recipients. They takes money away from paying things like the arm forces, paving roads and other essential services so the treasury has to double the borrowing weakening the U.S. dollar. The treasury used to borrow from the Social Security trust fund to help pay the bills, but as of now the treasury is hit with a double whammy of paying off what it has borrowed from Social Security and paying for essential services ( and not so essential services).
My suggestion is to do away with the cap on what is taxed.
In the near future Social Security will be paying only 79% or less to the recipients of Social Security, they may leave some of the stress on the treasury, but in all likelihood it will put a stress on the U.S gross domestic product because there will be less money in circulation, especially for those who have little or no other retirement money.
The ending of the cap on what is taxed should have been done way in the past, The United States needs to refill the Social Security trust asp to shore up its finance's.
No comments:
Post a Comment