A conservative congressman warns that another taxpayer bailout is likely if the government has to start putting money into the Social Security Trust Fund instead of borrowing money from it.
Earlier this week, the Social Security Administration announced it plans to cancel annual cost-of-living adjustments for the next two years, which means senior citizens will receive less money in that time period because their Medicare premiums will still increase. Congressman Spencer Bachus (R-Alabama) predicts that the Social Security Trust Fund could be running a deficit as early as next year. "[This development comes] at a time when...the federal government is having to constantly increase spending for [Medicare]; when we've expanded SCHIP, which is a children's healthcare program; when we've added new healthcare benefits for the unemployed, all of which jeopardize those who are paying into Medicare and their benefits," he points out. "And then along comes Social Security," Bachus continues, "and instead of it being a revenue generator and the federal government taking that money to apply on the deficit, we may have to start putting money into Social Security a lot sooner than we thought we would." Bachus says lawmakers on Capitol Hill need to address the impending Social Security crisis before the Trust Fund goes in the red.
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