Social Security go broke date
Estimates for when Social Security and Medicare will see reduced ability to pay benefits have been pushed back. For Social Security, the date has shifted to 2035 instead of 2034. For Medicare, that date was pushed from 2026 to 2028. The article also uses “depletion” to describe these dates.
From Fox News:
The annual Social Security and Medicare trustees report says the Social Security trust fund will be unable to pay full benefits beginning in 2035, instead of last year’s estimate of 2034.
The projected depletion date for Medicare’s trust fund for inpatient hospital care moved back two years to 2028 from last year’s forecast of 2026.
According to the report, “Economic recovery from the 2020 recession has been stronger and faster than assumed in last year’s reports, with positive effects on the projected actuarial status of the trust funds in these reports.”
Forecasters said in the report that the ongoing COVID-19 pandemic will have no net effect on their long-range projections.
The assumptions for the latest report were made in February, which was before cases began climbing again and inflation rose even higher.
President Biden said in a statement that the report “shows that the strong economic recovery driven by my economic and vaccination plans has strengthened programs that millions of Americans rely on and has put our nation in a better fiscal position.”
Fox News has the article here.
Category: Society
It’s kinda like a Ponzi Scheme, but failure-to-pay brings gender-fluid G-people (and some Furries/otherkin) to your door with better Arms than the ones they’d like to disallow you.
What is the definition of “…[W]henever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness” again?
Jokes on you dotgov, I already plan to squander your Evilest of Fiats on things that will cleave me and mine off your gangrenous teat.
Hey, it’s not fraud when the gov’t does it! /sarc
Politicians, news people, warlocks, witches and wizards have been saying “Social Security is broke!” for 50 years. One of the advantages of being old is, you remember stuff that has happened before. That is, if 76 is old.
“…if 76 is old.” Naw, SgtBob, but it’s getting old. Tell ya what has done gotten old…This same song and dance we’ve been hearing for years. AND the ones of us that have worked all of our lives paying into the system seeing folks that have NEVER worked and/or paid into the system drawing a real nice SSI check for a supposed disability. I could tell you some sho’ ’nuff piss you off horror tales on that subject. Ex # 2 worked for a law firm that made a living getting benefits for those kinds. Yet after 2 TIAs and being medically retired from The Phone Factory, I don’t qualify for disability. Phuque dotgov.
Social Security was fine when it was left alone. But when the Federal government said, “Hey look!!! Money is just laying there being held in trust. Surely we can borrow against it for our needs. We promise to put it back, sure!.”
It went downhill from there and that brings us to where we are now.