{"id":9663,"date":"2019-10-11T13:21:24","date_gmt":"2019-10-11T18:21:24","guid":{"rendered":"http:\/\/blog.uwsp.edu\/cps\/?p=9663"},"modified":"2019-12-17T12:59:15","modified_gmt":"2019-12-17T18:59:15","slug":"social-security-the-future","status":"publish","type":"post","link":"https:\/\/blog.uwsp.edu\/cps\/2019\/10\/11\/social-security-the-future\/","title":{"rendered":"Social Security Part 6: The Future"},"content":{"rendered":"\n<p>Obviously, much can change when it comes to Social\nSecurity.&nbsp; Given that by 2035 payroll\ntaxes will only provide about 75 cents for each dollar of scheduled Social\nSecurity benefits and that the retirement and survivors benefits trust fund is\nprojected to be depleted, something will have to change. Politically, it may\nbecome a significant issue, particularly if the United States budget deficit\ncontinues to increase.&nbsp; Social Security,\nMedicare, and Medicaid currently account for about 45% of the U.S. federal\ngovernment program expenditures.&nbsp; A lack\nof trust fund reserves and an increasing budget deficit would make financing\nany shortfall of scheduled Social Security benefits challenging \u2013 unless\nchanges are made. <\/p>\n\n\n\n<p>A variety of changes are possible:<\/p>\n\n\n\n<ul><li>Reducing benefits<\/li><li>Increasing the retirement age for\nfull benefits<\/li><li>Increasing payroll taxes<\/li><li>Lifting the salary limit for social\nsecurity taxes<\/li><li>Providing another source of funding\nfor Social Security benefits<\/li><\/ul>\n\n\n\n<p>In future years, eventually something will have to change regarding the funding or benefits derived from Social Security. Exactly what gets done, that will be a political choice. <\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p><strong>CBEI Blog Series: Social Security<\/strong><br><a href=\"http:\/\/blog.uwsp.edu\/cps\/2019\/06\/06\/how-it-works-and-how-it-is-funded-(or-not)\/\">Part 1: How it Works and How it is Funded (or not)<\/a><br><a href=\"https:\/\/blog.uwsp.edu\/cps\/2019\/06\/13\/social-security-who-gets-benefits\/\">Part 2: Who Gets Benefits?<\/a><br><a href=\"https:\/\/blog.uwsp.edu\/cps\/2019\/06\/20\/social-security-how-are-programs-funded\/\">Part 3: How Are Programs Funded?<\/a><br><a href=\"https:\/\/blog.uwsp.edu\/cps\/2019\/06\/27\/social-security-benefits-how-much-do-you-get\/\">Part 4: Benefits \u2013 How Much Do You Get?<\/a><br><a href=\"https:\/\/blog.uwsp.edu\/cps\/2019\/07\/04\/social-security-financial-status-of-programs\/\">Part 5: Financial Status of Programs<\/a><br><a href=\"https:\/\/blog.uwsp.edu\/cps\/2019\/07\/11\/social-security-the-future\/\">Part 6: The Future<\/a><\/p><\/blockquote>\n\n\n\n<div class=\"wp-block-media-text alignwide is-stacked-on-mobile has-background\" style=\"background-color:#a5a4a4;grid-template-columns:32% auto\"><figure class=\"wp-block-media-text__media\"><img decoding=\"async\" loading=\"lazy\" width=\"683\" height=\"1024\" src=\"http:\/\/blog.uwsp.edu\/cps\/wp-content\/uploads\/sites\/2\/2019\/11\/CPS-BusEcon-Bahr-Kevin-683x1024.jpg\" alt=\"Kevin Bahr\" class=\"wp-image-12217 size-full\" srcset=\"https:\/\/blog.uwsp.edu\/cps\/wp-content\/uploads\/sites\/2\/2019\/11\/CPS-BusEcon-Bahr-Kevin-683x1024.jpg 683w, https:\/\/blog.uwsp.edu\/cps\/wp-content\/uploads\/sites\/2\/2019\/11\/CPS-BusEcon-Bahr-Kevin-200x300.jpg 200w, https:\/\/blog.uwsp.edu\/cps\/wp-content\/uploads\/sites\/2\/2019\/11\/CPS-BusEcon-Bahr-Kevin-768x1152.jpg 768w, https:\/\/blog.uwsp.edu\/cps\/wp-content\/uploads\/sites\/2\/2019\/11\/CPS-BusEcon-Bahr-Kevin-1024x1536.jpg 1024w, https:\/\/blog.uwsp.edu\/cps\/wp-content\/uploads\/sites\/2\/2019\/11\/CPS-BusEcon-Bahr-Kevin.jpg 1200w\" sizes=\"(max-width: 683px) 100vw, 683px\" \/><\/figure><div class=\"wp-block-media-text__content\">\n<p class=\"has-black-color has-text-color\">Kevin Bahr is a professor emeritus of finance and chief analyst of the <a href=\"https:\/\/www.uwsp.edu\/business\/sentry-school-of-business-and-economics\/centers-and-outreach\/center-for-business-and-economic-insight\/\">Center for Business and Economic Insight<\/a> in the Sentry School of Business and Economics at the University of Wisconsin-Stevens Point. <\/p>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Obviously, much can change when it comes to Social Security.&nbsp; Given that by 2035 payroll taxes will only provide about 75 cents for each dollar of scheduled Social Security benefits and that the retirement and survivors benefits trust fund is projected to be depleted, something will have to change. Politically, it may become a significant [&hellip;]<\/p>\n","protected":false},"author":136,"featured_media":9757,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[527],"tags":[],"_links":{"self":[{"href":"https:\/\/blog.uwsp.edu\/cps\/wp-json\/wp\/v2\/posts\/9663"}],"collection":[{"href":"https:\/\/blog.uwsp.edu\/cps\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.uwsp.edu\/cps\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.uwsp.edu\/cps\/wp-json\/wp\/v2\/users\/136"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.uwsp.edu\/cps\/wp-json\/wp\/v2\/comments?post=9663"}],"version-history":[{"count":6,"href":"https:\/\/blog.uwsp.edu\/cps\/wp-json\/wp\/v2\/posts\/9663\/revisions"}],"predecessor-version":[{"id":9747,"href":"https:\/\/blog.uwsp.edu\/cps\/wp-json\/wp\/v2\/posts\/9663\/revisions\/9747"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.uwsp.edu\/cps\/wp-json\/wp\/v2\/media\/9757"}],"wp:attachment":[{"href":"https:\/\/blog.uwsp.edu\/cps\/wp-json\/wp\/v2\/media?parent=9663"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.uwsp.edu\/cps\/wp-json\/wp\/v2\/categories?post=9663"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.uwsp.edu\/cps\/wp-json\/wp\/v2\/tags?post=9663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}