Here's what the report says:
- Trustees project Social Security will be able to pay full benefits until the year 2033. After that, Social Security will have sufficient revenue to pay about 75% of benefits.
- Social Security is still well funded. In 2012, with the economy showing slow signs of recovery, Social Security’s total income still exceeded its expenses by over $57 billion. In fact, the Trustees estimate that total annual income is expected to exceed program obligations until 2020.
- Beneficiaries will likely see a Cost of Living Allowance increase of 1.8% in 2013.
All that needs to be done is to raise the cap on payroll taxes. That would fix what problem there might be.
Scrap The Cap!