Concerns Arise as Social Security Program Turns 91
As the Social Security program celebrated its 91st birthday, Michiganders relying on it expressed worry about its future. President Franklin Roosevelt established the program in 1935 to offer retirement, survivor, and disability benefits to over 70 million Americans.
However, concerns loom as the social security trust fund faces depletion by 2034, coinciding with the retirement of the last baby boomers. Analysts predict potential benefit reductions if action is not taken.
During a forum in Saginaw, U.S. Representative Kristen McDonald Rivet (D-Bay City) emphasized the urgency of addressing the issue promptly. She stated, “I think that we’re in a political age of getting the unlikely done. If you look at what’s happening across the country, people are demanding change. You don’t want the status quo of political bickering while people suffer.”
Possible solutions include tax increases and adjustments to the retirement age. AARP CEO Dr. Myechia Minter-Jordan stressed the importance of upholding the commitment to current and future retirees. In a statement, Dr. Minter-Jordan said, “Social Security is a commitment to today’s retirees and future generations that Congress must not break. It is the foundation of retirement security, lifting tens of millions of older Americans out of poverty. Congress must act by 2032 to strengthen Social Security.”
