This is

is CBS I and the world. I'm John Bachelor.

The Social Security Trust Fund.

It is going to run out of money at a date certain.

What is to be done?

I welcome Verenique de Regi of the Mercata Center writing about this

a Creator's Syndicate, because the hard answer to that question is nothing.

Verenica, a very good evening to you.

I thank you very much for reminding me what I do know and don't know about Social Security. It's going to end its

ability to generate checks to all of us who are over a certain age at a date certain, I believe it's in the 2030s.

What happens then?

Good evening to you.

Good evening.

Well, when the trust fund dries out,

at that time, the program is going to revert to pay as you go system, which means that the program will only be able to pay the benefits that they have raised money for.

So right now, the program raises benefits through the revenue through the payroll tax,

but to make the difference between all the benefits that need to be paid and the revenue they raise,

they use the assets in the trust fund.

Well, when all these assets are gone, basically the program will only be able to pay the benefits for which they have raised money.

And that means roughly a over 20% cut of benefits across the board.

Across the board for everybody, 20% at least, right?

At least, yeah, yeah.

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