Jerry Taylor explains that Social Security won't actually go broke in 2034. The trust fund depletes that year, but payroll taxes still cover 78% of benefits. He says reforms will happen before then.
You may have heard the news reports that Social Security is going to go broke and will end in 2034. Well, I'm here to tell you that you can stop worrying because that's not true. The Social Security trust fund will be depleted by then, but that doesn't mean Social Security is going to go broke or that it will end. What it means is that if no changes are made, Social Security will have to be funded totally by payroll tax revenue, which amounts to 78% of the total that's being paid right now. Social Security is not going to go broke. It's not going away. It just means that changes have to be made. And I guarantee you, by 2034, changes will have been made to strengthen Social Security. You heard it here first. Follow this channel.
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