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Every year the Social Security and Medicare Boards of Trustees issue reports on the fiscal health of these vital programs.
The report anticipates that in 2020 — for the first time since 1982 — the program’s total costs will exceed its total income.
The report projects that in 2018 — for the first time since 1982 — the program’s total costs will exceed its total income.
By making gradual changes to federal spending and revenue, lawmakers can not only stabilize our fiscal outlook, but provide long-run economic benefits for American families (in terms of real GNP growth) without inflicting undue damage on the U.S. economy in the near term.
As the large baby boom generation enters retirement and Americans continue to enjoy longer lifespans, more and more individuals will collect benefits from the system and for longer periods, while relatively fewer workers will contribute taxes to support it.
On our current path, CBO projects that deficits will reach $1.0 trillion by 2022 and total $10.1 trillion over the next ten years.
The combined Social Security trust funds are projected to be fully depleted by 2034 — just 18 years from now.
Policymakers should work together to stabilize and strengthen this important program for generations to come.
The combined Old Age and Survivors’ Insurance and Disability Insurance Trust Funds, commonly referred to as the “Social Security Trust Funds,” will be fully depleted by 2033.