Seniors prepare for a 23% cut in social security if congress does not act

[mrclose]

Wasn't sure whether to post this in here or in the Financial forum but since it's a Congressional topic .. I chose Here!

By Adam Bitely

I’m surprised that this information hasn’t been all over the news. Then again, it is an election year, so the appetites of most in Congress and across town at the White House are probably not interested at all in dealing with Social Security–or any entitlements for that matter.

Nonetheless, according to Congressional testimony given on Feb. 28, 2012, the Chief Actuaries for the Centers for Medicare and Medicaid Services, Social Security Administration declared that if the government does nothing, senior citizens will see a 23% cut due to the government doing nothing.

That’s probably not something that members of Congress want in the newspapers leading up to election day. Nor is it an issue that they want to touch between now and November.

http://www.redcounty.com/content/seniors-prepare-23-cut-social-security-if-congress-does-not-act

[formerlurker]

That wouldn't happen until 2036.   Ryan is correct though - we have to reform now.