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.
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The report anticipates that in 2020 — for the first time since 1982 — the program’s total costs will exceed its total income.
Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation, commented today following the release of the 2015 Annual Reports of the Social Security and Medicare Trustees.
The reports provide both the short-and long-term financial outlooks for the trust funds.
The lawmakers we choose this November will face critical fiscal and economic decisions in the next two, four, and six years.
https://www.pgpf.org/infographic/the-fiscal-election-whats-at-stake-in-this-election
On our current path, CBO projects that deficits will reach $1.0 trillion by 2022 and total $10.1 trillion over the next ten years.
https://www.pgpf.org/analysis/2017/06/cbo-unsustainable-deficits-threaten-future-economic-growth
Reporting to the Senior Manager, Grant Operations, this position is a key contributor to the grantmaking function of the Foundation.
https://www.pgpf.org/about/careers/associate-grant-operations
Interest costs are on track to become the largest category of spending in the federal budget.
https://www.pgpf.org/budget-basics/what-are-interest-costs-on-the-national-debt
The federal government is slated to borrow about $1.5 trillion this year, and that number is projected to nearly double over the next decade.
The report projects that in 2018 — for the first time since 1982 — the program’s total costs will exceed its total income.
Michael A. Peterson releases a statement on the reports from Social Security and Medicare Trustees.