Wednesday, July 20, 2016
More bad news for Social Security
Social Security Administration:
Both Social Security and Medicare face long-term financing shortfalls under currently scheduled benefits and financing. Lawmakers have a broad continuum of policy options that would close or reduce the long-term financing shortfall of both programs. The Trustees recommend that lawmakers take action sooner rather than later to address these shortfalls, so that a broader range of solutions can be considered and more time will be available to phase in changes while giving the public adequate time to prepare. Earlier action will also help elected officials minimize adverse impacts on vulnerable populations, including lower-income workers and people already dependent on program benefits.
Social Security and Medicare together accounted for 41 percent of Federal program expenditures in fiscal year 2015.
Social Security's total income is projected to exceed its total cost through 2019, as it has since 1982.
After 2019, interest income and redemption of trust fund asset reserves from the General Fund of the Treasury will provide the resources needed to offset Social Security's annual deficits until 2034, when the reserves will be depleted. Thereafter, scheduled tax income is projected to be sufficient to pay about three-quarters of scheduled benefits through the end of the projection period in 2090. The ratio of reserves to one year's projected cost (the combined trust fund ratio) peaked in 2008, declined through 2015, and is expected to decline steadily until the trust funds are depleted in 2034.
Instead of talking about this issue which will eventually destroy the US as a political entity the press is talking about Melania Trump's speech and whether she plagiarized Michele Obama. Good grief the country is facing ruin and everyone is fiddling why the country burns.
If you do not take responsibility for your own life and finances you will get what you deserve.