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The Social Security Board of Trustees has been warning for years that the program faces funding shortfalls. In April, they released their annual report on the trust funds that finance the program.
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
With the national debt at $26 trillion and counting, the nation’s fiscal health is a key issue for the 2020 campaign.
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.
By the Numbers: 2020 Trustees Reports
https://www.pgpf.org/chart-archive/0321_trustees_reports_2020
Social Security and Medicare are facing serious financial difficulty in the near future.
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
Spending on federal entitlement programs will more than double between 1984 and 2049.
https://www.pgpf.org/chart-archive/0027_entitlement-programs-proj
Low-income seniors rely on Social Security benefits for a major share of their retirement income.
https://www.pgpf.org/chart-archive/0018_social-security-low-income