While the projection for Social Security’s stayed the same as last year, for the first time since 1982, Social Security must dip into the trust fund to pay for the program this year.
Social Security trustees said that reserves for the fund that pays disability benefits would be exhausted in 2032.
Social Security’s trustees said the program’s two trust funds would be depleted in 2034.
It should be stressed that the reports don’t indicate that benefits disappear in those years.
After 2034, Social Security’s trustees said tax income would be sufficient to pay only about three-quarters of retirees’ benefits.
Of Course, congress could at any time choose to pay for the benefits through the general fund.
Given our current Congresses lack of action, I don’t see that happening.
Treasury Secretary Steven Mnuchin said in a statement that “lackluster economic growth in previous years,” as well as an aging population, has contributed to shortages for both Social Security and Medicare.
He said the Trump administration’s economic agenda, including tax cuts and trade deals, would generate growth and help to secure the programs.
Yea and I believe in unicorns.
AARP said in a statement that the report showed “challenges ahead for the long term,” and singled out health care for action during the election year.