Trustees Warn: Social Security’s Total Costs Next Year to Exceed Income for First Time Since 1982
The report anticipates that in 2020 — for the first time since 1982 — the program’s total costs will exceed its total income.
The search found 81 results in 0.201 seconds.
The report anticipates that in 2020 — for the first time since 1982 — the program’s total costs will exceed its total income.
This outlook is particularly worrisome because the baby boom generation is beginning to retire and will place growing demands on Social Security, Medicare, and Medicaid in the 2020s.
The President's Budget for Fiscal Year 2013 projects that the budget deficit will gradually decline under the President's policies from $1,327 billion in 2012 to $704 billion in 2022.
https://www.pgpf.org/analysis/analysis-of-the-president%E2%80%99s-fiscal-year-2013-budget
Federal debt is already at its highest level as a percentage of GDP since 1950 and would exceed its all-time high by 2034 under current law.
https://www.pgpf.org/analysis/2018/07/cbo-warns-historic-debt-levels-threaten-economy
Medicare faces significant financial challenges in future years because of rising healthcare spending and an aging population.
https://www.pgpf.org/analysis/2018/07/trustees-funding-challenges-threaten-medicares-future
Reform that eliminates virtually all tax expenditures allows for rates to be lowered significantly.
The updated 2010 projection is a slight improvement over CBO ‘s March estimate primarily as a result of higher than expected corporate revenues and receipts from the Federal Reserve.
https://www.pgpf.org/analysis/cbo%E2%80%99s-august-2010-budget-outlook
The report projects that in 2018 — for the first time since 1982 — the program’s total costs will exceed its total income.
CBO’s estimate of the cumulative deficit over the next 10 years totals $2.3 trillion more than the Administration had estimated.
The nonpartisan Congressional Budget Office has released a mid-year update to its projections of the nation’s federal finances and economic health.