Sorry Gen Xers and millennials. You’re facing drastic Social Security cuts, report says

Via David Lightman...

Look out, millennials and Generation X folks — your benefits are headed down if something isn’t done to shore up the system. That’s the warning from the nonpartisan . It estimates that a lower income, dual-income couple retiring in 2033 would see a $10,000 cut in benefits.



A middle income couple would lose about $16,500 a year. Higher income couples could lose $21,800 annually. The potential reduction for single earners: Low income, $7,500; middle income, $12,400 and higher income, $16,300.

It’s all because of a projected 21% cut in benefits that would come if the Social Security system stays on its current financial path. “The Social Security program is currently paying out more in benefits than it collects in payroll tax and other revenue, and it is drawing down its reserves to cover the remaining cost of benefits,” the committee said. Its OASI trust fund, which pays for retirement benefits, is projected to deplete reserves by the end of 2033.

“Once the reserves are depleted, the law limits benefits to incoming revenue, which essentially mandates a 21% across-the-board benefit cut for the program’s 70 million beneficiaries,” the committee said. Social Security has become an issue in the presidential campaign. Both former President and Vice President have vowed to protect the system, though they haven’t issued a specific plan for doing so.

Speaking of Harris and Trump, out of California shows the vice president with a strong lead in the Golden State. An poll released last week showed Harris with a 61% favorability, compared to Trump’s 36%. “The gender divide in the 2024 election shows significant increases in male support for Trump across key states, while Harris has either held steady or gained modestly among female voters, with the most pronounced shifts in California,” said Emerson College Polling Executive Director in a statement.

That’s largely in line with California’s sentiments for the vice president and former U. S. senator and state attorney general.

Harris got 57% of the vote during her 2014 reelection campaign for attorney general, and 61% of the vote in her 2016 bid. This latest poll shows that Harris doesn’t appear to be losing any ground in her home state. Harris is doing less well on a national basis, with at 48%.

The poll also showed that Rep. , D-Burbank, leads retired baseball player 55%-33% among California voters in their race for a California U.S.

Senate seat, with 13% undecided. “The United States used the Marshallese people as guinea pigs and contaminated their sacred ancestral lands, and we’ve still not taken responsibility generations later. I’m proud to represent one of the largest Marshallese communities in the country, but the reason many of them came to Orange County in the first place represents a dark part of our history.

The Marshallese people deserve no less than a formal apology — and a commitment to action that rights our historic wrongs.” - Rep. Katie Porter, D-Irvine, in a statement announcing a resolution formally apologizing for U.

S. nuclear testing in the Marshall Islands. He led California’s COVID-19 response.

Now, after 5 years on the job, , via What drove California Democrats governing retail theft? Experts explain, via . Will special session ? Gavin Newsom, lawmakers think so, via ..