Posted on 05/06/2024 1:48:54 PM PDT by ChicagoConservative27
The combined trust funds for Social Security are projected to run out a year later than previously expected, a board of trustees of the program’s accounts said Monday.
In the latest report, trustees expect the projected depletion date for the Old-Age and Survivors Insurance (OASI) Trust Fund, which pays out Social Security benefits to retirees, and the program’s smaller Disability Insurance (DI) Trust Fund is 2035.
Biden administration officials said the projected depletion date for the OASI trust funds has moved to November 2033, seven months later than last year’s projection, partly due to economic growth.
On a call with reporters ahead of the release, an official said the trustees increased their assumed level of labor productivity and GDP in the coming years after economic growth exceeded expectations last year.
(Excerpt) Read more at thehill.com ...
And $5 Trillion is just 3 items:
Health Care Costs
Defense Costs
Interest on the Debt Costs.
Joe is moving us at Warp Speed to $40 Trillion in Debt.
But Trump helped with the $8 Trillion he ran up.
Intentional Inflation with the rampantly inflated dollars, the government gives its self a raise while benefits and purchase power of our pay languish way behind
I was well acquainted with the actuarial science behind it from when it started. It says that it was financially sound until the adjustments made it unsound. Actuaries invented and designed it-taking money that otherwise would be going to NY finance people to manage. Appeal to expert implies appealing to actual experts.
SS is the only tax the wet backs pay, and only if they are W-2 employees. Many of them work for cash under the table and pay ZERO taxes of any kind on those under-the-table payments. The net impact of all the “Wet Backs” on our economy is an overall negative. I see mass deportations as the only solution.
The heck with SS, the politicians are set for life, just like the billions upon billions we give to the UN and countries that hate us.
What percentage of Freepers are on Social Security? I’d say, about 80%? I am, since 2013.
So, COVID did kill enough….
IOW like any other US govt bond it is considered a cash equivalent.
The problem is 90% of your healthcare costs are going to be last nine months of care. Feel free to start there and extrapolate.
Yep, the clot shot killed untold numbers of senior citizens.
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They’ll be replaced when la abuela y el abuelo (grandma and grandpa) from Mejico come up to join the rest of the family.
“BUT the average life expectancy then was 57 years of age.”
WWII resulted in that reduced life expectancy.
People living longer is obv a factor in it’s insolvency but not nearly to that degree.
Covid worked
Yup, seeking the aarp bloc.
You may be right, however YOU elected your problem.
Democrats.
Postponing failure is now success.
That and inflation is taking care of the rest.
The inflation adjustments are a fraction of the real inflation rate.
Anyone who buy’s groceries knows this.
“I was well acquainted with the actuarial science behind it from when it started.”
The actuaries changed.
“What percentage of Freepers are on Social Security? I’d say, about 80%? I am, since 2013.”
Two here.
“I’ve paid the max amount almost every years since my late 20’s and am not even eligible to start receiving payments until a few years after its supposed to be done for”
Just because the savings goes away doesn’t mean SS I’d done for. There is a steady stream of revenue coming in for payouts even without any changes the result will be reduced payouts.
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