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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.
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 economy is growing, but so is the federal deficit, and that’s highly unusual.” said Michael A. Peterson, CEO of the Peterson Foundation.
https://www.pgpf.org/press-release/2019/04/fci-press-release
Modeled after the Consumer Confidence Index, the Fiscal Confidence Index is a national survey that measures public opinion about the national debt.
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/2019/04/five-charts-about-the-future-of-social-security-and-medicare
The latest trustees reports make clear that Social Security and Medicare beneficiaries face substantial cuts in the near future unless policymakers take action to make these vital programs solvent.
Debt held by the public would reach record levels relative to the size of the economy within the next two decades, and possibly as soon as 2032 — just 13 years from now.
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the data for February 2019.
https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-february-2019
