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The Social Security and Medicare Trustees released their annual reports, which show that these vital programs are on an unsustainable path.
https://www.pgpf.org/blog/2021/09/five-charts-about-the-future-of-social-security-and-medicare
Social Security is the largest single program in the federal budget and makes up approximately one quarter of total federal spending.
https://www.pgpf.org/budget-basics/how-does-social-security-work
The Social Security Trustees note that the Old-Age and Survivors Trust Fund is now expected to become depleted in 2033, compared to 2034 in last year’s report.
https://www.pgpf.org/blog/2021/09/social-security-and-medicare-are-facing-serious-shortfalls
“It makes no sense that we allow programs as essential as Social Security and Medicare to remain on such shaky and uncertain fiscal ground," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
Spending on federal entitlement programs will more than double between 1991 and 2051.
https://www.pgpf.org/chart-archive/0027_entitlement-programs-proj
There are numerous viable options to preserve the retirement system, including Social Security, in a fiscally sustainable way that gives families adequate time to plan and strengthens support for those who need it the most.
With the national debt at $26 trillion and counting, the nation’s fiscal health is a key issue for the 2020 campaign.
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
Four analyses project a more rapid depletion of Social Security trust funds as a result of coronavirus, outpacing previous depletion projections. Get the details.