June 15, 2024
Social Security to Be Insolvent in Nine Years
Diane M. Kimura
The Social Security Trustees released their annual report on the financial status of Social Security and it is nine years from bankruptcy.
According to the report, Social Security will run cash deficits of $3 trillion over the next decade, the equivalent of 2.3% of taxable payroll, or 0.8% of GDP.
According to the Trustees, lawmakers could restore 75-year solvency with a 27% payroll tax increase, a 21% reduction in all benefits, or a 25% reduction in benefits for new beneficiaries if they act today.
The Social Security Trustees released their annual report on the financial status of Social Security and it is nine years from bankruptcy.
According to the report, Social Security will run cash deficits of $3 trillion over the next decade, the equivalent of 2.3% of taxable payroll, or 0.8% of GDP.
According to the Trustees, lawmakers could restore 75-year solvency with a 27% payroll tax increase, a 21% reduction in all benefits, or a 25% reduction in benefits for new beneficiaries if they act today.
Posted by: Timothy Birdnow at
10:26 AM
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1
Thanks to all the Democrats who have been stealing from it! Well, if this is the case, I hope my wife and I are dead by then!
Posted by: Dana Mathewson at June 16, 2024 10:54 PM (6H7jI)
2
They've raided it for decades and replaced the money with IOU's. Now the chickens are coming home to roost.
Cathy gets SSI which is what keeps us afloat. I don't know what we will do if this happens.
I hope you AREN'T gone in nine years Dana! Neither of you.
Cathy gets SSI which is what keeps us afloat. I don't know what we will do if this happens.
I hope you AREN'T gone in nine years Dana! Neither of you.
Posted by: Timothy Birdnow at June 17, 2024 06:43 AM (gajv0)
3
SSI foots the payments for Medicare, which also keeps us going. Paid for that Deep Brain Stimulation surgery I had, which went into six figures.
Posted by: Dana Mathewson at June 17, 2024 11:17 PM (6H7jI)
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