Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 5.9 percent in 2022, the Social Security Administration announced today.
All tagged social security
Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 5.9 percent in 2022, the Social Security Administration announced today.
Let’s zero in on Social Security. Its “trust fund,” which consists entirely of debt the federal government has issued to itself, will be exhausted in a decade or so. As a practical matter, this isn’t as big a deal as it sounds. Social Security is already running a cash deficit — more payments going out than payroll taxes coming in. To cover the difference, the federal government draws from its trust fund of federal bonds.