Article from Fox Business by Brittany De Lea.
Social Security’sOpens a New Window. reserve funds are expected to be depleted in 2035, at which time the program will no longer be able to pay out benefitsOpens a New Window. in full.
That’s according to the annual Social Security and Medicare trustees report released on Monday, which said total costs of the program, which covers the old age and disability insurance programs, will exceed income in 2020 – for the first time since 1982. That’s two years later than projected last year, but means the program will have to dip into its reserves to cover benefits at that time.
By 2035 those reserves will be depleted, and 80 percent of benefits will be payable.
In 2018, the trustees forecast that 100 percent of benefits would be covered through 2034, meaning the trust fund gained an extra year before expected depletion. However, the trustees are still urging lawmakers to take action sooner than later.
Read the entire article at Fox Business.
Image Credit: By Jericho [CC BY 3.0 (http://creativecommons.org/licenses/by/3.0)], via Wikimedia Commons
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The government needs to REPAY the Fund for their taking TWICE of money from it. If there was a law that said they must do that after borrowing, then the fund would be in pretty good shape. But no, the politicians knew exactly where to “borrow” the money, knowing they wouldn’t ever have to pay it back.
So CONGRESS get you arses on the stick and pay it back..Forget paying El Salvador, Guatemala, Mexico and other nations of the BILLIONS that we GIVE them, and instead get the SS fund up to part, THEN you can give these other nations the billions. You people make me sick. Always paying for other countries but not the U.S. citizens who have paid all their lives. The other thing you can do is take off the limit of salary; if a CEO of a company makes $3MILLION a year, he gets SS taxed on $3million. This BS of cutting it off at $120k is ridiculous. You haven’t raised this effectively for 30 years….
I was just thinking the same exact thing !!!when great minds meet !!!
They could also cut off all the people collecting SS that should not be
including those under 62 and illegal aliens
Dan, you’ve described the most obvious, honest and ethical thing for Congress to do. They have moral imperative to pay back the money they’ve borrowed from it to finance wars, foreign aid and the lavish lifestyles and benefits of the members of Congress that far outdo real world benefits for similar jobs.
I, along with those in the 55+ age group cohort, are very, very angry that this has happened.
It never should have happened if anyone in Washington cared about it. There is NO excuse for the irresponsibility shown by Congress. No excuse.
It’s not a difficult problem and the means of fixing it. It only requires the Congress to act to do what was promised. But we see no “fix” in the future, so we are again being lied to. We’ve been lied to so often by Congress, it has ceased being a rare thing. But we are sick to death of people elected by us running rough shod over the citizens in this way. We demand that Congress fix this problem immediately or go with their salary until it’s done.
We retirees will not sit still for the petty and false excuses Congress always offers.
No. I don’t buy the excuse that there are more people now on Social Security. Everyone paid into it their entire working life and then what happened? The money is said to not be available. This is a gross case of malfeasance, which is a crime in the real world.
If any of us citizens were to do this with our businesses funds set aside for later benefits, we citizens would be in violation of several laws, and the courts of law could easily find us to be embezzlers at least, and at the very least, not obeying the laws regarding our fiduciary responsibility.
The dems are terrorists and thieves
Well whose fault is that. Not mine, not yours but a bunch of grubbing Democrats who raided the fund and never repaid it, Starting with LBJ!
It started long before LBJ. The government has been spending the money as fast as it came in from the beginning., and replacing it with vouchers promising future taxpayers would pay the bills,
WHAT ABOUT ALL THE MONEY THAT WAS COLLECTED FOR MANY YEARS FROM PEOPLE WHO DIED BEFORE REACHING RETIREMENT AGE?
Yes, they need to take action. Stop allowing illegal aliens from coming in and start hanging the America hating communists DemRats and RINOs who have betrayed their Oath of Office.
This is why thy want to destroy your Second Amendment. They know what they have coming to them.
If the thieves had left it along we who are drawing ss now would be getting 6 times as much as we get now,
Now ain’t that a kick in the butt, Congress is not doing anything about anything for 2 years but try to get rid of the best president ever who is trying to do the right thing for the American people, go figure.
Then I strongly suggest that you remove all the illegals and refugees that never contributed to the Program and find a way to retrieve our money from the corrupt politicians that stole it from us. We gave the Government our money and expected them to be good stewards of it, instead they tried to buy votes with it by giving it to people that never paid a dime into the program. Our Government did not act in good faith and destroyed a Program that was supposed to be self sustaining. Just what do you plan to do with the millions of elderly people that rely on Social Security to survive?
actually this is BS, by 2035 majority of baby boomers will de dead, the population reduction will start after that and the payouts will drop..
I agree with all the comments made–Also-stop giving yourselves pay raises–put it to a vote every 4 years.
Do not pas a bill that spends money without knowing where its coming from..First repay the notes to SSA.