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Social Security isn't going bankrupt, but is in trouble. To begin with, ... Though Social Security's long-term funding shortfall is an eye-opening number, the more immediate concern is the ...
Social Security isn’t going bankrupt, but challenges lie ahead. The Social Security trust fund is expected to pay full benefits until 2033. While the program won't disappear entirely after that ...
Harris, who was previously the chief economist at the U.S. Department of the Treasury, said that the country’s trust funds for Medicare and Social Security are projected to go bankrupt in the ...
Social Security and the Post Office are considered "Off-Budget". Social Security had an estimated surplus of $62.4 billion by CBO accounting (different from the $54 billion reported by the Trustees) and the Post Office had a deficit of $0.5, resulting in a "Total Budget Deficit" of $1,089.4 billion.
The good news is that Social Security isn't going bankrupt, and as long as workers continue paying payroll taxes, there will always be at least some money to pay out in benefits.
And in 11 years, Social Security will be bankrupt.” The “bankrupt” comment was likely in reference to the Social Security Old Age and Survivors Insurance (OASI) Trust Fund, which is expected ...
He described the Social Security system as "headed for bankruptcy", and outlined, in general terms, a proposal based on partial privatization. Critics responded that privatization would require huge new government borrowing to fund benefit payments during the transition years.
That brought in nearly $51 billion for the fund in 2023, so it would also only make the looming Social Security bankruptcy worse. Plus, it would merely give a tax cut to those who probably don’t ...