The Coming Assault on Social Security

http://www.counterpunch.org/2016/12/30/the-coming-assault-on-social-security/

From the site:

The first assault of the new Trump administration and Republican Congress upon Social Security has been launched. It comes in the form of release of a new report by the Congressional Budget Office, which of course these days is a wholly owned subsidiary of the Republican Congressional Caucus.

Using some financial sleight-of-hand, this CBO report pushes forward by two years the date at which its ideologically driven experts claim Social Security benefits will exhaust the Trust Fund, and since the Social Security program is required to be self-financing, the date at which, barring adjustments by Congress in the program’s funding and/or benefit payment levels, promised benefits would have to be cut by what the CBO claims will have to be 31%.

Such a cut would clearly be a staggering blow to the finances and livelihoods of nation’s retirees, dependents and the disabled.

This end-of-the-year CBO report is at odds with a report issued earlier this year by the Trustees of the Social Security Administration, which projected that the Trust Fund, barring any changes in taxes or benefit payments, would be tapped out in 2033, and that at that point benefits, barring some fixes in Social Security financing, would have to be cut by an also horrific but far lower 21% (with the remaining 79% of benefit payments being covered by current employee FICA taxes being paid into the system).