Will Social Security run out in 2034? Two experts weigh in

We started this program with a brief announcement. Starting in August, Craig Swagler will become the new General Manager and President of Your Public Radio. He joins our organization after 22 years at CBS Audio and Radio. Following this brief announcement, Tom begins a conversation about the future of Social Security and if it is running out of money. Can seniors count on the promise that has been made to them over the next decades? The funding formula for Social Security was devised during the Great Depression and did not anticipate the dual problems of an increase in beneficiaries while seeing a decrease of payroll taxes to support retirees. What can be done to right the ship, which is expected to run into very turbulent waters in as little as 10 or 11 years. Joining Tom to talk about it is Dr. Geoffrey Sanzenbacher, an economist on the faculty of Boston College, and a Research Fellow at the Center for Retirement Research at BC. Peter Coy covered financial issues for more than four decades. He writes about economics, business and finance for the Opinion section of the New York Times.Email us at [email protected], tweet us: @MiddayWYPR, or call us at 410-662-8780.