Social Security: Here's Why Cutting Benefits Is a Necessary Evil
When it comes to Social Security, our nation's most important social program, I've got good news and bad news.
The good news is that, despite growing fears that Social Security could go belly up or be insolvent by the time future generations of workers retire, these concerns have no merit. Social Security brought in a little over $1 trillion last year and has two recurring sources of revenue -- the 12.4% payroll tax on earned income and the taxation of benefits -- that ensure money will always be flowing into the program for disbursement to eligible beneficiaries.
These two sources of recurring revenue were responsible for $920 billion in aggregate income for the program in 2018. As long as Congress doesn't change how Social Security is funded, it can't go bankrupt. Period.
Source Fool.com
