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Today’s R&D from Prepd provides resources on Social Security. The program was part of President Franklin Delano Roosevelt’s New Deal in 1935, but is now encountering problems related to a lack of workers for current retirees and questions about whether benefit cuts will have to take place in order to keep the program afloat. The popularity of the program has traditionally thwarted radical attempts to change it, as former President George W. Bush experienced first-hand in 2005. Nevertheless, members of both parties agree that some type of adjustment will have to take place within the program within the next twenty years to make it sustainable.
The link between income inequality and Social Security benefits is growing https://t.co/VYHgXG9GKv pic.twitter.com/Jr2hJseTiw
— Real Time Economics (@WSJecon) April 25, 2016
Why some Social Security benefits are going away soon https://t.co/ChLHfc7Vte @olivialowenberg pic.twitter.com/RtwSOiOAAp
— CS Monitor (@csmonitor) April 24, 2016
It’s time to end Social Security for the rich, recommends @stuartmbutler: https://t.co/FAhew51xWm pic.twitter.com/hnQUkv3YIf
— Brookings (@BrookingsInst) April 16, 2016
Last week Social Security and Medicare trustees released a chilling report that documented the dire financial straits of the programs they oversee. According to the trustees, Social Security will start taking in less money than it sends out in 2016 and by 2037 the fund will go bust, four years earlier than anticipated. Also, Medicare’s hospital fund is already running a deficit and is now in danger of going bust by 2017.