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|Michelle Dimarob, or Sarah Swinehart (202) 226-4774|
Democrats’ Inaction Promises Slash in Social Security Benefits
Recently, Vice President Biden stated, “Number one, I guarantee you, flat guarantee you, there will be no changes in Social Security.” Biden’s comments follow those made by Senate Majority Leader Harry Reid who said that Social Security “is fine.”
This is bad news for those who will see their Social Security disability benefits slashed by 21 percent beginning in just four years unless changes are made, according to the projections in the Annual Report of the Social Security Board of Trustees. According to this same report, Social Security is now permanently paying out more in benefits than it receives in tax revenues. Moreover, beginning in 2033 all beneficiaries will see their benefits reduced by 25 percent unless Congress acts.