Here's What "Cutting" Social Security Benefits Actually Means
As you're probably aware, our nation's most treasured social program, Social Security, is in some pretty big trouble. Despite making benefit payments for eight decades and keeping more than 22 million people out of poverty each month, the program is facing an estimated $13.9 trillion cash shortfall between 2035 and 2093, with 2035 being the year that the program's nearly $2.9 trillion in asset reserves is expected to be completely exhausted.
This means that it's up to our elected officials in Congress to fix this mess.
However, Democrats and Republicans have approached resolving Social Security's imminent cash crisis from opposite ends of the spectrum. Generally speaking, the public views Democrats as wanting to expand Social Security, while chastising the GOP for wanting to cut Social Security benefits. But it's not this cut-and-dried. Expanding benefits doesn't mean that everyone suddenly makes more each month, and "cutting Social Security benefits" doesn't mean that everyone winds up with a smaller benefit check.
Source Fool.com
