We will get our latest look at what shape the Social Security Trust Funds are in when the House Ways and Means Social Security Subcommittee presents the 2018 annual report of the Board of Trustees June 7.
Several years now, we have heard of Social Security’s Trust Funds dwindling due to upcoming deficits, which could lead to Social Security’s insolvency in less than two decade. This would result in Americans receiving a reduction of benefits of about 25 percent. That is of course if Congress does nothing to stop the trend of Social Security paying out more than it takes in.
The hearing scheduled for June 7, “Examining Social Security’s Solvency Challenge: The Status of Social Security’s Trust Funds,” will focus on the findings of the 2018 annual report of the Trustees of the Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds.
Not much news is expected to come from the report. Typically the report will indicate at what point the Trust Funds will be depleted enough where 100 percent of benefits can’t be paid, but recent annual reports have indicated the Trust Funds are doing better than previously expected.
The committee is only accepting oral testimony from invited witnesses and is not accepting comments from other organizations or the general public. However, any individual or organization may submit a written statement for consideration by the committee and for inclusion in the printed record of the hearing.
Anyone who wishes to offer comments to the committee should visit http://waysandmeans.house.gov and select “Hearings.” This is where comments can be submitted to the committee. All submissions must be attached as a word document and must be submitted by the close of business Thursday June 21, 2018. For more information about comment submissions or if you experience technical difficulties call 202-225-3625.
