Last week, I wrote about some of the problems facing the U.S. Social Security program.

Although the combined Social Security trust funds had $2.9 trillion in assets at the end of 2017, demographic changes over the next decade and a half are expected to eliminate that surplus by 2034. At that time, anticipated tax income on workers is expected to fund only 79% of scheduled benefits to retirees and disabled beneficiaries.

Fortunately, there are a number of potential solutions that could help close the Social Security funding gap. The question is whether American politicians will come together to make some difficult choices today, or keep kicking the can into the future, when the problem will likely be more difficult to solve.

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The Social Security Board of Trustees recently released its annual report on the status of the programs it oversees, which currently provide benefits to around 62 million Americans.

By and large, the numbers were consistent with where they were a year earlier.

Near term, the Social Security system is fine.

Longer term, changes need to be made to Social Security to maintain its viability given expected demographic changes.

The good news is the numbers may not be as dire as the mainstream media has led some to believe, and relatively modest changes could ensure Social Security will continue to provide benefits to tens of millions of Americans for many decades to come.

The bad news is the necessary changes will likely require copious amounts of common sense and bipartisan collaboration, both of which seem in short supply in many parts of the United States these days!
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