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.
“This new CBO report shows that our national debt will reach a record level over the next decade," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
The long-term budget outlook has deteriorated significantly since last year, when CBO projected debt would reach 111% of GDP in 30 years under current law.
https://www.pgpf.org/analysis/2016/07/cbo-long-term-budget-outlook-worse-than-last-year
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
SNAP participation varies greatly from state to state.
https://www.pgpf.org/chart-archive/0263_snap_participation_varies_state
The report projects that in 2018 — for the first time since 1982 — the program’s total costs will exceed its total income.
The Social Security Trustees's 2011 financial report warns that Social Security is in a weakened financial position in the short run and in an unsustainable condition in the long run.
https://www.pgpf.org/analysis/financial-condition-of-social-security
Failing to address the fiscal imbalance imposes burdens on future generations that many would consider unfair.
The normal retirement age for receiving full Social Security benefits depends on the year of your birth.
https://www.pgpf.org/chart-archive/0245_social-security-year-of-birth
With our economy in recovery, the national debt rising unsustainably, the country still grappling with a devastating pandemic, and lawmakers pursing significant new legislation, America faces many critical questions for its future. To shed light on the best way forward, two top economists participated in a panel discussion as part of the latest edition of the Peterson Foundation Economic Forum.