Trustees Warn: Social Security’s Total Costs Next Year to Exceed Income for First Time Since 1982
The report anticipates that in 2020 — for the first time since 1982 — the program’s total costs will exceed its total income.
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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.
Four analyses project a more rapid depletion of Social Security trust funds as a result of coronavirus, outpacing previous depletion projections.
Without income from Social Security, two thirds of the elderly would be considered poor.
https://www.pgpf.org/blog/2018/09/what-effect-does-social-security-have-on-poverty
"In today’s reports, the Trustees once again warn us that Social Security and Medicare are unsustainable and in danger of becoming insolvent," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
As the largest program in the federal budget, Social Security is a critical part of our nation’s fiscal picture and vital to millions of elderly recipients.
https://www.pgpf.org/blog/2023/06/without-reform-social-security-could-become-depleted-by-2033
"In today’s reports, once again, the trustees warn us that Social Security and Medicare face serious challenges."
Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation, commented today following the release of the 2015 Annual Reports of the Social Security and Medicare Trustees.
Michael A. Peterson, President and COO of the Peter G. Peterson Foundation, commented today following the release of the 2014 Annual Reports of the Social Security and Medicare Trustees.
The reports provide both the short-and long-term financial outlooks for the trust funds.
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the data for January 2024.
https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-january-2024