Posted on 06/19/2025 11:06:27 AM PDT by Red Badger
The Social Security program is nine years away from insolvency, the Social Security Board of Trustees said Wednesday.
This forecast moved up one year since 2024’s annual report, which projected the program to deplete its funding by 2035. Now that projection date is set at 2034.
Medicare’s hospital trust fund will fall short in 2033, when it will only be able to cover 89% of scheduled benefits. This date moved up three years since last year’s report, according to the Medicare Board of Trustees.
“As in prior years, we found that the Social Security and Medicare programs both continue to face significant financing issues,” the Treasury Department said Wednesday.
Tens of millions of Americans who rely on Social Security due to retirement or disabilities would see cuts to their monthly benefits.
If no changes are made, beneficiaries will only receive 81% of their benefits in nine years, the trustees’ report says.
“This data underscores the need for lawmakers to take action to support the long-term viability of these programs,” Treasury Secretary Scott Bessent said. “Under President Trump’s whole-of-government initiative, the administration will continue to root out waste, fraud and abuse across federal agencies to ensure quality service for beneficiaries and responsible stewardship of taxpayer funds.”
The Social Security trustees cited a recent law upping support for beneficiaries as the culprit for the insolvency drop from 2035 to 2034.
The bipartisan Social Security Fairness Act, which was signed into law earlier this year, added benefits for almost three million public sector employees, including teachers and firefighters.
The Committee for a Responsible Federal Budget, a D.C.-based think tank, responded to Wednesday’s Social Security and Medicare reports.
“Where is the sense of urgency?” President Maya MacGuineas said. “We are running out of time to phase in changes gradually and avoid harsh cuts, sharp tax increases or unacceptable borrowing.”
Because the Dem’s are raiding the fund giving money away to illegals.
That’s absolutely not why the fund is in danger—it has to do with the income cap on who pays into Medicare. But frankly they just ought to cut Medicare completely and balance the budget.
My understanding was that Pres. Johnson raided SS to help pay for the Vietnam war.
Social Security Panic has been going on since I was a kid in the ‘60s, I thought I would never get a penny of it. But I have been collecting it now for 8 years, And expect to until I croak.
I will take “What happens to Socialist Ponzi Schemes” for $1000 Alex.
They’re running out of money as the republicans at least in my family, said they would, back when they were devised. Poorly
There is no Medicare income cap. Actually, if your income goes above a certain amount they add to your total contribution percentage.
There is a social security income cap.
The contribution rate has been increasing, when my old boss who retired in 1995 he started out contributing about $3 a year to social security, so his total contributions were a very small fraction of his benefit, even taking into account inflation.
What a load of bullsh*t! How much has been spent on illegals? [spit]
Yup.
They never talk about running out of money for welfare and handouts for the gimmedats.
I had a friend who was once assigned to the SS disability department. She had to follow the guidelines and give people the money even though she knew they were not entitled to it. She quit after about a year.
“The Social Security program is nine years away from insolvency, the Social Security Board of Trustees said Wednesday.”
Oh, good. Just in time when im supposed to apply for my social security.
Spend all these years involuntarily paying into the system and then when i go to get my money back, “your money is gone. Get lost.”
Congress doesn’t care. Most or all of them will be retired or dead by then.................
The file cabinet is still there.
We are good.
Lol.
.........”We can send billions to Ukraine but SS and Medicare are broke? “
Isn’t that wonderful? That little creep will never pay us back.
It will be mostly peaceful.
Why fix a problem. The point is getting elected.
The job is raising campaign funds.
Grandma don’t campaign.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.