SS cuts coming earlier than expected if Congress takes no action

Social Security will no longer be able to pay full benefits in 2033, a year earlier than previously expected, according to a new report.

The updated projections, in the annual trustee report, mean that without action to stabilize the Old-Age and Survivors Insurance Trust Fund, Social Security would have enough money to pay about 77% of the total scheduled benefits.

A separate report for Medicare shows that its Hospital Insurance Trust Fund can continue paying full benefits through 2031, three years longer than previously expected. The fund would then have enough money to pay about 89% of expected benefits.

Maya MacGuineas, president of the nonpartisan, nonprofit Committee for a Responsible Federal Budget, sharply criticized lawmakers in a written statement following the reports’ release, saying “many in Washington would rather weaponize these programs than save them.”


IIRC, these projections assume no recession between now and then. :face_exhaling:


Meanwhile, watch the (L&Ses) propose another tax cut for the “JCs”.



This will get solved, probably at the last minute knowing politicians as I do.

Whoever is in power will figure out how to kick the can down the road or know they will be banished from office for a decade or longer.

Maybe we can get some Advanced AI on this ASAP.

Or maybe an invasion of UAPs will make it moot.

Next thing you know scientists will be telling us the Tyrannosaurus Rex had lips and was a good swimmer.



But this is a year later than projections made 10-15 years ago IIRC. So we (and politicians) have know the approximate date (within a year or two) for a long time. Pretty soon they’ll start giving us the month and year.



A lot of other things are assumed as well.

The projection assumes the old standard supply side economic average growth. Far from it most years we will have higher growth than that. Demand side recessions are shallow.

The other assumption is that 80% of the American public will be held at lower pay than would be equitable for their work. Not on!