The federal government today released its predictions for the future of the Social Security fund. The report projects that by about 2031, Social Security will only be able to meet three-quarters of its obligations.
The report also says that the Disability Insurance Trust Fund — which is part of Social Security — will run out of money by 2016. Some conservatives say the retirement age should be increased and that benefits need to be cut in order to keep Social Security viable for future generations.
But Eric Kingson, a professor of social work at Syracuse University, says cutting benefits will hurt the majority of Americans who now no longer have pensions and whose assets were slashed during the recession, or who lost their jobs. They will be depending on a Social Security check more than previous generations, he says.
This segment aired on July 28, 2014.