By Daniel Mille
The Brief
A potential increase to the retirement age is under consideration by the Trump administration.
Social Security Administration Commissioner Frank Bisignano addressed the matter during a FOX News interview, explaining that many options are being considered.
The move is being discussed in part to keep Social Security from reaching insolvency.
The Trump administration is reportedly considering many options to avoid Social Security insolvency, which includes raising the retirement age.
When asked if he would consider raising the retirement age during a FOX News interview on Thursday, Social Security Administration Commissioner Frank Bisignano said, "I think everything’s being considered, will be considered."
Could Social Security reach insolvency?
Why you should care:
FOX Business, citing Social Security Administration data, reported that Social Security’s two main trust funds, the Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) funds, are projected to reach insolvency by 2034.
This is partially due to the number of workers to retirees has dropped over time from 16.5 workers per retiree in 1950, to 3.3 in 1985, and 2.8 in 2013.
When the trust funds are exhausted, the Social Security program may experience an automatic benefit cut by law to match incoming payroll tax receipts unless Congress improves the program.
RELATED: Social Security changing course in going after overpayments
Analysis from the Committee for a Responsible Federal Budget noted that insolvency would leave Social Security beneficiaries with an estimated 24% benefit cut.
FOX Business reported that Social Security's trustees project that Congress would need to increase payroll taxes by 3.65 percentage points permanently to close the program's 75-year funding gap.
What they're saying:
Social Security Administration Commissioner Frank Bisignano also explained that it will take a collective effort between the Trump administration and Congress to begin the "real work" on Social Security reforms to avoid depleting funds in the program.
The Best “Go Paid” Deal on Substack! You Get REAL Stuff!!
Go paid at the $5 a month level, and we will send you both the PDF and e-Pub versions of Etienne's new book: To See the Cage Is to Leave It - 25 Techniques the Few Use to Control the Many and a coupon code for 10% off anything in the https://artofliberty.org/store/.
Go paid at the $50 a year level, and we will send you a free paperback edition of Etienne’s new book: To See the Cage Is to Leave It - 25 Techniques the Few Use to Control the Many OR “Government” - The Biggest Scam in History… Exposed! OR a 64GB Liberator flash drive if you live in the US. If you are international, we will give you a $10 credit towards shipping if you agree to pay the remainder.
Support us at the $250 Founding Member Level and get a signed high-resolution hardcover of “Government” - The Biggest Scam in History... Exposed! + Liberator flash drive + a signed high-resolution hardcover of Etienne's new book: To See the Cage Is to Leave It - 25 Techniques the Few Use to Control the Many + everything else in our "Everything Bundle" of the best in voluntaryist thought delivered domestically. International pays shipping. Our only option for signed copies besides catching Etienne @ an event.
