The Social Security trust fund is in strong financial standing and the overall program could be further strengthened, say experts and lawmakers, with a simple increase of the current payroll tax cap which is currently set at $110,000. The trustee's annual financial report was released on Monday.

 

Most mainstream news and media outlets reported the trustee's report as a 'doomsday' scenario for the benefit program, which was created in 1935 and today supports 55 million Americans, including 38 million retired workers, 6 million widows, widowers and orphans, and 11 million disabled workers. But those reports belie a simple solution to improve the longevity and solvency of the program, and speak to a trend of poor-quality reporting when it comes to the issue of Social Security.