Posted on 01/23/2023 8:17:26 PM PST by SeekAndFind
A recent report by the Congressional Budget Office (CBO) projects that two major Social Security funds in the United States will dry out in the coming decades, with one of them running out within the next 10 years as younger members in the programs are set to lose more than older members.
“If the gap between the trust funds’ outlays and income occurs as CBO projects, then the balance in the trust funds will decline to zero in 2033 and the Social Security Administration will no longer be able to pay full benefits when they are due,” the CBO stated in its report, published in December (pdf).
The Old-Age and Survivors Insurance Trust Fund will be exhausted in 2033 and the Disability Insurance Trust Fund will be exhausted in 2048, the agency said. If the trust funds are combined, the money will be gone by 2033.
The CBO expects spending on Social Security to increase to 7 percent of U.S. gross domestic product (GDP) in 2096, up from 5 percent of the GDP in 2022.
During this period, revenues are only expected to remain at 4.6 percent of GDP, resulting in an ongoing deficit.
If Social Security outlays were limited to what is payable from annual tax revenues, the benefit payments would be roughly 23 percent smaller than originally scheduled by 2034. By 2096, the benefit payments would be 35 percent smaller, with the gap remaining stable from then on.
In such a situation, the younger cohort born in the 1970s, 80s, and 90s would see their initial benefits reduced by 24, 27, and 28 percent respectively. Their lifetime benefits would be reduced by 26, 27, and 27 percent, respectively.
For older beneficiaries born in the 1950s and 60s, initial benefits would not be affected too much. Their lifetime benefits would be reduced by 9 percent and 19 percent, respectively.
In 2021, Social Security amounted to 17 percent of federal spending, according to the CBO. Lawmakers are currently debating how to address America’s debt ceiling issue, with some proposing cuts to Social Security. The United States officially hit its debt limit on Thursday.
In a video message, former President Donald Trump called on GOP members to not compromise on Social Security.
“Under no circumstances should Republicans vote to cut a single penny from Medicare or Social Security to help pay for Joe Biden’s reckless spending spree, which is more reckless than anybody’s ever done or had in the history of our country,” Trump said in the statement posted to Truth Social on Friday.
“Do not cut the benefits our seniors worked for and paid for their entire lives,” he said. “Save Social Security. Don’t destroy it.”
The CBO projections come as Social Security benefits are set to increase by 8.7 percent in 2023, which is the biggest boost in four decades. In 2022, benefit payments were increased by 5.9 percent.
Despite the record increase in benefit payments this year, there are concerns about whether it will be enough to keep up with decades-high inflation.
Seems to me the country is already bankrupt but that doesn’t stop congress from printing money....so what’s the big deal?
Hence the reason for the south-of-the-border types. Snowflakes and fags don’t reproduce.
Could not agree more.
$120 billion for Ukraine, but let’s cut social security for Americans who paid into it their whole working life. And you’re right, it’s political suicide. Any Republican talking about this is helping the democrats. Idiots.
Stop with this word salad. When you print money you can never “be bankrupt”.
That gives me about 10 years to drink myself to death.
Democrats constantly pontificate about paying taxes, they always want to raise taxes even higher, and they refer to spending as “investment.” So, just tax democrats as much as it takes to keep Social Security for everyone else solvent, thank them for their “patriotism”, and tell them how awesome the return on their “investment” will be.
I wonder if they’re taking into account that the “wave” of baby boomers is already beginning to recede. The first of the baby boomers are approaching 80 years of age. Harsh reality dictates that they likely won’t be collecting benefits for long.
If eVerify usage was enforced then the issue of people being in the USA without legal authorization would disappear by over 90% all on its own.
If border crossers (without lawful admission paperwork) were advised to go to the nearest consulates rather than allowed to enter then the flow of illegal immigrants into the USA would drop to a trickle. We do have consulates within a few miles of all the major border points between the USA/Mexico. That way someone who lost their Visa, Passport, etc. could get the replaements done and continue on their journey to lawfully enter the USA. Now of course some of those who cross the borders into USA territory do so without proper paperwork. For example, the Imperial Japanese Navy Air Service went to Pearl Harbor in the Hawaii territory on December 7, 1941 without first getting the proper admission paperwork from the US consulate(s) outside US territory and they had contempt for US immigration laws. What they should have done was stopped at the Border Patrol station to have their passports/documentation inspected and their cargo inspected to ensure they were lawful for admission. But they didn’t and many others have followed suit since then when they cross into US territories.
I don’t doubt Social Security is in trouble, but since when was the CBO right about anything?
If Chuck Schumer and Nancy Pelosi wouldn’t drop $1.7 trillion more in debt, that might help a little bit?
The COVID Final Solution failed.
The reality is that the GRANDCHILDREN of the generation aborted in 1973 would have been in the workforce for at least one decade.
[The COVID Final Solution failed.]
Thank you. What it failed to do, Obamacare will do the rest.
Soylent Green by “healthcare” - Sarah Palin was correct - what she needed to do was dumb it down for the stupid population who couldn’t find the term “death panels” so for them, it didn’t exist.
The entire country will be bankrupt before that.
That would be the illegal criminal INVADERS stepping up to the Social Security bar and helping themselves to money they definitely have no business receiving, having never contributed a dime to it. And that would be the druggies who disqualified themselves from working more than 3 consecutive days without quitting or being fired getting SSI.
The CBO releasing this report in December 2022 to get Republicans to bite and propose changes so Democrats can beat them over the head with it in 2024. And many idiot Republicans will fall for it.
I would add, sell off federal land, open up ANWAR and other federal oil leases, privatize national parks.
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