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.
Healthcare costs in the U.S. have increased drastically over the past several decades.
The U.S. tax system is progressive, with higher-income taxpayers facing higher tax rates.
Waiting to act raises the cost of stabilizing the debt.
“With rising interest rates, skyrocketing inflation, geopolitical turmoil and concerns about economic growth, it’s no wonder that Americans’ confidence in our fiscal outlook is low,” said Michael A. Peterson, CEO of the Peterson Foundation.
https://www.pgpf.org/press-release/2022/06/fci-press-release
Social Security’s finances are facing growing pressure due to the aging of the population.
https://www.pgpf.org/analysis/2017/07/trustees-warn-social-security-in-financial-trouble
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
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.
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the data for June 2022.
https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-june-2022