Is Social Security’s future in jeopardy if there’s a government shutdown?
As we head into 2023, a big financial hurdle is on the horizon. The government’s debts are piling up. As they reach the ceiling, leaders must make a tough choice.
Given this will impact spending and widespread economic policies, many wonder what it means for the future of retirement.
Is a Shutdown Imminent? Or Avoidable?
A mix of troubling factors has forced the country into a tough financial spot.
Government spending has soared to unprecedented levels. Coupled with a failure by leaders to balance the budget along with the economic strains of COVID shutdowns, there’s no easy way out.
Should the government choose to raise the debt ceiling and inflate its way out, money could begin losing purchasing power. This is already taking place to some degree in our economy now, as evident by the rampant inflation. It’s why even the 8.7 percent boost to Social Security is falling short.
But if an agreement isn’t reached and there is a shutdown, could this impact Social Security?
Technically, the program is funded through 2035. But what we do now as far as policy goes could influence what happens after this date.
What’s the right move?
It’s a complex situation, and there are differing opinions about the right course of action. There are many areas of the country that need funding. But we’re here to remind everyone that seniors don’t just need their benefits — they deserve them for paying in all those years.
Will You Help Protect Social Security’s Future?
The debt ceiling, inflation, and economic uncertainty all impact Social Security. But there’s something else that carries a great deal of influence — the collective voice of Americans.
We at the Council for Retirement Security work to protect the retirement that seniors have earned. Learn about our Social Security Lock-Box Petition, then bookmark our page and follow us on Facebook and Twitter for more retirement news.