Fellow blogger Craig Eyermann did a good job of explaining that the Social Security trust fund is projected to run out of money by 2035. The result, the Social Security Administration trustees say, is that either payroll taxes will have to be raised or benefits will have to be cut.
My message is: Social Security benefits will not be cut. My conjecture is that payroll taxes will not be raised either, but that’s not as certain.
So, what happens when the Social Security trust fund runs out of money? Here’s my best guess.
Members of Congress will observe that the Social Security trust
