The Social Security program is expected to run dry within a decade as a result of slower economic growth — and today's youngest retirees could be among the first in the nation to see benefit cuts.
New findings from the Social Security and Medicare Trustees report show the entitlement program faces insolvency as soon as 2033, a year earlier than previously projected, The acceleration toward insolvency is largely the result of a 3% downward revision of gross domestic product and labor productivity over the next decade.

Unless major changes are made before 2034 to shore up the trust fund, more than 66 million Americans would see a benefit reduction between about 23% to 25%, the report showed.

"The combined trust funds will be insolvent by 2034, when today’s 56-year-olds reach the full retirement age and today’s youngest retirees turn 73," the Committee for a Responsible Federal Budget (CRFB) said in a recent analysis. "Upon insolvency, all beneficiaries will face a 20 percent across-the-board benefit cut."
Over the next 75 years, the benefit cuts will become more severe: Social Security recipients will face a 26% across-the-board cut, according to the CRFB.

"The Social Security program is only 11 years from insolvency, with insolvency of the old-age program only a decade away," the group said. "Action must be taken soon to prevent an across-the-board benefit cut for many current and future beneficiaries."
Treasury Secretary Janet Yellen, who leads the Social Security and Medicare trustees, emphasized the need to bolster both the Medicare and Social Security funds in a statement on Friday.
Social Security and Medicare are two bedrock programs that older American rely upon for their retirement security," she said in a statement. "The Biden-Harris Administration is committed to ensuring the long-term viability of these critical programs so that retirees can receive the hard-earned benefits they’re owed."
The future of the program has emerged as a contentious issue between Republicans and Democrats, after President Biden accused GOP lawmakers of wanting to slash funding for Medicare and Social Security during his State of the Union Address.

Republicans have repeatedly pushed back on that assertion, insisting they do not want to cut funding for either of the entitlement programs.

U.S Capitol building
People walk outside the U.S Capitol building in Washington, June 9, 2022. (AP Photo/Patrick Semansky, File / AP Newsroom)
Biden proposed raising Medicare taxes from 3.8% to 5% on annual income above $400,000 in his budget proposal earlier this month. He also floated closing a loophole used by business owners and higher-earners to shield some of their income from additional taxes.


The White House estimated the floated changes would extend the Medicare trust fund by an additional 25 years, "beyond 2050."

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The proposals are unlikely to garner much support in a deeply divided Congress, and face almost certain rejection from Republicans who won control of the House last year.


The president did not address the looming Social Security insolvency in his budget.
Unable to add link.

This same shit gets recycled every decade.  Yawn

No where in the article does it state cuts could be coming soon.  In fact both dems and republicans are mentioned as being against cuts.

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Im just gonna go ahead and cut to the chase and post the meme

In before the doomers with charts and shit.

@tagteamleader

Social security is not fundamentally different than section 8 or food stamps. They are taxes. You pay taxes, and the govt decides who to give the money out to. It is socialism.

In before the closet socialists.

for the purse swinging.....

My opinion...it is a socialist program and NEVER should have happened.  I would give up what I have paid in so I could try to make my nest egg bigger.

Might as well let it go insolvent and cut everyone by 20% percent or whatever it happens to be, hell cut it now.  Everyone needs to feel the pain of stupidity.  In some ways it is already happening with inflation as the almost 9% wasn't even half of what it really cost the US citizen this past year...fuel up probably an average of 75-100%, food up 50% and other things it takes to live.....not fucking TV's from China to survive.

People latter in life are like suck it up butter cup I paid my fair share....people getting started are going to get less than the people before them just as this article states.  The only fair thing to do at this point is screw everyone.

What will really happen is they will increase this or that and tax the fuck out of everyone...and in 30 years we will be back in the same boat because we have a bunch of retards in charge of the Federal budget (both R's and D's).

I really wish they would just make everyone put in 10% of their paycheck to a 401k type program.  The employers would have to increase your pay by the amount they were putting in to your SS (they won't see a difference).

cut out all foreign aid and welfare, snap etc.. stop paying for other people's shit, stop paying our shit to breed and to feed their spawn

"The president did not address the looming Social Security insolvency in his budget."


Must not really be a problem then.

Considering the federal government is in debt up to its eyeballs, are they doing 20-25% cuts to government pensions and salaries, effective immediately?

We haven't had a Social Security thread in a while

To me this is a separate issue from SS.  You are correct to end all the other bullshit but at least with SS (not SSID) they did put money into the program, just the federal Gov wasted it.

87 minutes is a record....

this

……..

Let it fail.

The entire federal government?  

It's worth a try.

If I had the money I paid in and the money my employer paid in instead of it going to me I would have nothing to worry about retirement wise. Instead, the pitiful amount they dole in SS out comes to me each month. It is not an entitlement. Same with Medicare that I paid for years in advance and still pay for after retirement. Nothing is free for the haves they bill you to the grave.  Wait until you find out they tax you two for one on some SS income after you retire if you don't just get SS.

. Of course not because they figure that within the next 10 to 15 years this country's gonna be full-blown socialist anyway. There's no need for social security.

I don't agree with SS at all, but if you gotta make cuts, make it to those on welfare and EBT cards first.
Most of the retirees earned and paid into that system.  They should be the ones getting money before freeloaders.

But we've been told unemployment, the most important metric, is low and the economy is great.

Bullshit!

We could fund it if we didn't do stupid shit like spend on wind turbines, EV mandates, another war, etc.

This is fundamentally incorrect.

Pretty sure the “ disability “ part is the major loss.
Now that “ Covid” can be used to get it.

Been hearing this same line for 30 years, probably longer.

Economic & fiscal reality are inevitable, no matter what politicians are "for" or "against".

Everyone is selfish, politicians & voters alike. There are no saints in this mess.

Where are the welfare cuts?

The fed govt is 30 trillion in debt

the whole fucking govt is insolvent

the SS trust fund has no money in it, it has nothing but fed debt notes

this whole thing is clown world

another clown world joke of lies

there has not been a federal budget since Bush was president

  ??.  entitlement program ?

   First, take all the mother Fokers that never put a dime into it,  off of it !

   I was forced to pay into it for 40 YEARS ! !

You can bet that neither party wants to have control of Congress and the presidency in 2033.

Never fails to crack me up seeing the grim reality pro-lifers set themselves up for. They are as deluded as the left.

Maybe the 100+ billion we gave you Ukraine, part of which for their social security equivalent, could’ve help sure up some of those reserves.

Social Security was always a ponzi scheme and I have never expected to see a dime from it when I am at retirement age (in 2048).  It has always been just another way for the federal government to steal money from you to serve its own interests.  Anyone that has told you otherwise was lying to you.

Edit: I should say at the current retirement age.  This will change.

You were paying it forward to those who were collecting it, just like I am now. Doesn't change the fact that it's a theft-transfer arrangement, & nothing other. "I paid into it" is the fool's argument. There is no SS annuity fund. Rather, just a miles high pile of IOU notes.

I just want my contributions back and I'll happily walk away from that program.

Still funny that medicaid and all the other free shit never "run out of money"

Good can I opt out of contributing now?

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Now we'll have 2 or 3 on page one.

No, it’s not. It was an insurance policy we were forced to buy so that Congress could steal the money we paid in for premiums and use it to buy votes.

I paid my premiums, it better be there for me when I retire. Nothing more dangerous than people with nothing to lose, Washington needs to remember that.

The .gov just gave everyone a big COLA for 2023

How come welfare and EBT never run short on money ?

It’s welfare that you paid into your entire working life. I’ve been paying every month for the last 47 years. I should get something for that.