What is the current size of the Social Security budget

1. What is the current size of the Social Security budget?
2. When will Social Security become insolvent?
3. Why did spending grow faster than politicians expected?
4. What changes to taxes and/or spending will you make to Social Security to save it from insolvency?


When answering the questions above use government sources for current data and use one additional resource to support the estimates in your plan. Your estimates can be from a government source, a think tank, or economist. One misconception that does arise on this assignment is that Social Security is funded yearly by Congress, which is not accurate. Social Security is a law with earmarked funds collected through payroll taxes. You must follow the law the way it is written or in this case, rewrite the law. Social Security legislation includes language that requires automatic reductions in benefits to everyone if tax revenues cannot keep up with the payments.

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