Trustees Warn: Social Security’s Total Costs to Exceed Income for First Time Since 1982
The report projects that in 2018 — for the first time since 1982 — the program’s total costs will exceed its total income.
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The report projects that in 2018 — for the first time since 1982 — the program’s total costs will exceed its total income.
Financing the debt will become more burdensome now that interest rates have returned to their pre-pandemic levels.
The rapid growth in health care costs is the largest and fastest growing fiscal challenge.
As Congress returns from its August recess, lawmakers face a to-do list filled with important fiscal deadlines.
“On the heels of the first meaningful deficit reduction initiative in years in the Inflation Reduction Act, it’s highly irresponsible, unfortunate and unwise to wipe out those fiscal benefits with this announcement," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
On average, Social Security benefits exceed Social Security taxes over an individual’s lifetime.
https://www.pgpf.org/Chart-Archive/0198_social_security_lifetime_benefits
Social Security provides social insurance by redistributing income from high earners to low earners.
https://www.pgpf.org/chart-archive/0244_social-security-income-redistribution
The United States was in a more precarious fiscal position in 2020 than it was at the onset of the last six recessions.
https://www.pgpf.org/chart-archive/0309_precarious_fiscal_position
CBO Director Phillip Swagel joined Peter G. Peterson Foundation CEO Michael Peterson for a discussion of this new report a day after its release.