Sat Mar 23, 2024 11:33 pm by globalturbo
YIKES: Social Security is going bust even sooner than we thought, the report shows
Date: April 4, 2023Author: Nwo Report
Posted BY: Bill | NwoReport
Millions of Americans have paid into Social Security their entire lives and now depend on its payments to get by. But the program is financially unstable, and according to a new report, will reach insolvency even sooner than we thought. It was previously projected that Social Security would become insolvent in 2034, but now, it’s projected to run dry in just 10 years, in 2033.
“Social Security benefits for retirees and others are primarily paid for through payroll taxes on current workers, and are supplemented by a trust fund,” NPR explains. “Benefits paid out by the program have exceeded money coming in since 2021, and the trust fund is now expected to be depleted by 2033. That’s a year earlier than forecast last year, thanks in part to slower economic growth. Unless changes are made before then to shore up the program, 66 million Social Security recipients would see their benefits cut by 23-25%.”
NPR Politics
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Social Security is now expected to run short of cash by 2033
npr.org
Social Security is now expected to run short of cash by 2033
Policymakers will need to patch the Social Security program by 2033 to avoid draconian cuts in benefits, a year earlier than had been predicted. A trust fund for Medicare will run out of cash by 2031.
12:54 PM · Mar 31, 2023
MORE HERE: https://nworeport.me/2023/04/04/yikes-social-security-is-going-bust-even-sooner-than-we-thought-the-report-shows/
Date: April 4, 2023Author: Nwo Report
Posted BY: Bill | NwoReport
Millions of Americans have paid into Social Security their entire lives and now depend on its payments to get by. But the program is financially unstable, and according to a new report, will reach insolvency even sooner than we thought. It was previously projected that Social Security would become insolvent in 2034, but now, it’s projected to run dry in just 10 years, in 2033.
“Social Security benefits for retirees and others are primarily paid for through payroll taxes on current workers, and are supplemented by a trust fund,” NPR explains. “Benefits paid out by the program have exceeded money coming in since 2021, and the trust fund is now expected to be depleted by 2033. That’s a year earlier than forecast last year, thanks in part to slower economic growth. Unless changes are made before then to shore up the program, 66 million Social Security recipients would see their benefits cut by 23-25%.”
NPR Politics
@nprpolitics
·
Follow
Social Security is now expected to run short of cash by 2033
npr.org
Social Security is now expected to run short of cash by 2033
Policymakers will need to patch the Social Security program by 2033 to avoid draconian cuts in benefits, a year earlier than had been predicted. A trust fund for Medicare will run out of cash by 2031.
12:54 PM · Mar 31, 2023
MORE HERE: https://nworeport.me/2023/04/04/yikes-social-security-is-going-bust-even-sooner-than-we-thought-the-report-shows/
