Every year the Social Security and Medicare Boards of Trustees issue reports on the fiscal health of these vital programs.
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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.
The report projects that in 2018 — for the first time since 1982 — the program’s total costs will exceed its total income.
Admiral Michael G. Mullen began by making a strong connection between our national security and fiscal health, saying that our debt is an issue that requires a “sense of urgency … and we really need fix it very, very quickly” as a fundamental part of ensuring our strength at home and abroad.
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.
Former Secretary of State Madeleine Albright discusses the connection between fiscal policy and national security with CNN’s Chris Cuomo.
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.
The retirement of the large baby boom generation will sharply push up the number of people claiming benefits each year.