These changes would be just the beginning of obstacles that lie ahead. Per Procon.org. An early sign of financial distress to come, was when 57 million Americans got denied their cost of living adjustment (COLA) in their allowances. This brought awareness because it was the first year without the automatic adjustment since COLA got introduced in 1975. In an article, Procon.org. Claims that “According to the 2009 annual report of the Social Security Board of Trustees, the program faces a budget shortfall of more than $15 trillion over the next 75 years.” (Procon.org, 2015, p.1) Because of this, many predict that the funds for Social Security will be insolvent by 2037. For this program to achieve long-range solvency, the benefit cuts, and tax increases need to be twice as much as needed than ten years
These changes would be just the beginning of obstacles that lie ahead. Per Procon.org. An early sign of financial distress to come, was when 57 million Americans got denied their cost of living adjustment (COLA) in their allowances. This brought awareness because it was the first year without the automatic adjustment since COLA got introduced in 1975. In an article, Procon.org. Claims that “According to the 2009 annual report of the Social Security Board of Trustees, the program faces a budget shortfall of more than $15 trillion over the next 75 years.” (Procon.org, 2015, p.1) Because of this, many predict that the funds for Social Security will be insolvent by 2037. For this program to achieve long-range solvency, the benefit cuts, and tax increases need to be twice as much as needed than ten years