“The federal government’s ability to pay Social Security benefits could stop by mid-2023 if President Donald Trump were to permanently terminate the payroll tax and not offer another revenue source, the chief actuary of the Social Security Administration said Monday.
“The chief actuary, Stephen Goss, offered the prediction in a letter to a group of Senate Democrats who requested an analysis of what would happen if the payroll tax is eliminated with no other funding stream for Social Security benefits.
“If that were to happen in January of next year, the Social Security Administration estimates that the Disability Insurance (DI) Trust Fund “asset reserves would become permanently depleted in about the middle of calendar year 2021, with no ability to pay DI benefits thereafter,” Goss said.”
For the main Social Security Old Age and Survivors Insurance (OASI) Trust Fund for retired workers, Goss said that they predict reserves “would become permanently depleted by the middle of calendar year 2023, with no ability to pay OASI benefits thereafter.”
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