Nobel laureate Peter Diamond has a message for everyone worried about the future of Social Security. He knows exactly how you feel.
“This is a vital program and it’s really important that we preserve, in my mind, the basic structure,” Diamond said at a March 9 event hosted by the Pension Action Center at UMass Boston’s McCormack Graduate School.
But the problem is as serious as it is clear. The Social Security Trust Funds are projected to run out of money and there’s a 50 percent chance that will happen by the end of 2034. A depleted fund would mean a benefit cut of more than 20 percent and forecasts beyond that are pessimistic. Read more.