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Wednesday, December 28, 2016

Social Security's looming $32 trillion shortfall

You can look at the financial health of Social Security in many ways.

The official version, found in the Social Security and Medicare Boards of Trustees' annual report, is this:

Social Security's total income is projected to exceed its total cost through 2019, as it has since 1982. After 2019, interest income and money taken out of reserves will provide the resources needed to offset Social Security's annual deficits until 2034.

By then, if Congress does nothing, the federal government will collect enough in payroll taxes to pay about 75 percent of scheduled retirement benefits until 2090.

The Social Security Administration projects that unfunded obligations will reach $11.4 trillion by 2090. That's up $700 billion from the $10.7 trillion the administration projected for its 2089 shortfall.



Anonymous said...

Of course after clinton and the democrats stole the funds to pay down the debt.

Anonymous said...

What about food stamps, welfare and other unearned handouts, are they too in financial trouble? I doubt it,

Anonymous said...

And so it begins, the Republican drip drip prelude to gutting your Social Security.

Anonymous said...

Quit allowing Immigrants that never paid in anything get SSI. They walk in the US age 65 and start getting $1800 a month. Quit giving it to the ones on public assistance calling it (SSI) Supplemental Security. Make Welfare / Public Assistance partipants pay taxes on all that they receive, checks / food stamps / housing etc., from the Government since it is income for them. Bill Clinton made SSI taxable so what is the difference? Income is income. It pays expenses for them that I have to work for and pay.