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Social Security COLA for 2020: Blame Bureau of Labor Statistics, DOL
Stay up to date while navigating the crucial yet complicated world of Social Security.
Congressman John Larson, D-CT, is on a mission. For decades — long before Larson was elected to Congress in 1998 — the writing has been on the wall for Social Security, the federal government’s largest mandatory expenditure that paid benefits to 67 million people in 2017.
Immediately after Congress passed amendments to the Social Security Act in 1983, Social Security Administration actuaries warned that the cost of annual benefits would outstrip revenue from payroll taxes absent further Congressional action. At the time, actuaries estimated Social Security’s cash reserves would be exhausted by 2057.
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