Continuing a trend of increasingly dismal projections, Social Security’s trustees have revised their prediction of when the massive benefit program’s trust fund will run out of money, moving it to the fourth quarter of 2032, sooner than last year’s projection that the money will run out in 2033. They attributed most of the the change to declining fertility rates and immigration, along with tax reductions included in Trump’s 2025 One Big Beautiful Bill Act (OBBBA).
When the trust fund runs out, money will still be coming into the program via ongoing taxes from workers and self-employed individuals. However, without the ability to tap the trust fund, the program won’t be able to keep paying out full benefits. Under the law governing the program, insufficient assets means payouts must be cut for all beneficiaries by a uniform percentage. In their report posted on Tuesday, the trustees projected that benefits will have to be slashed by 22% in 2032.
7 responses to “Crisis Comes Closer: Social Security’s Projected Insolvency Moved A Year Earlier”
What hasn’t been stolen has been given away to those that don’t deserve one penny of this money! No wonder its all gone.
Cue “The Poor People’s March” in 3…2…1. H/T to Matt Bracken in his prescient novel: FOREIGN ENEMIES AND TRAITORS. I suspect there will be some kind of stopgap before Vlad the Impaler Jr. and his minions reach the gates of Mordor-On-The-Potomac. This corrupt, syphilitic-thinking country has sewn the wind and will reap the whirlwind. Bleib ubrig.
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Names and addresses.
I encourage to read anything from Laurence Kotlikoff on this subject, especially “The Clash of Generations: Saving Ourselves, Our Kids, and Our Economy”
This SSA insolvency issue is underpinned primarily by Medicare parts A-D.
Regardless, he shows in the book that the unfunded liabilities cannot be paid, period. At the time of his book he estimated $200T. Confiscating the USA GDP for 7 years?
I am 60+ and SSA and Medicare are NOT part of my retirement calculations
I still remember mom and dad talking to each other about how us kids would never get Social Security, because it would be bankrupt by the time we were old enough to get it. That was in the 70’s.
I remember my parents going off back when it was “moved” to general fund. my Dad said it was so they could get their hands on it.
he called stealing from everyone that ever paid a dime into it.
that asshole “Teddy” had a lot to do with it into law.
it used to be a stand alone fund. and it was fat with cash, and they couldn’t wait to get their hands on all of that money. abd after they blew thru all of it, they passed the law spending money we didn’t have yet. yeah. bonds by the boat load. and the damn FED kept printing money. after that they HAD to get off the gold standard.
and they wonder why people loathe them ?