New Trustees Report for Social Security Should Raise Alarm Bells

New Trustees Report for Social Security Should Raise Alarm Bells

"...Based on the latest Social Security Trustees Report, the combined OASDI program will be insolvent by 2034, at which point there will be only enough incoming revenue to pay out 76% of scheduled payments.
...As you read the report, on the other hand, a very different meaning to the words takes shape: the train is 40% larger than it was two years ago, traveling faster on less stable tracks.
...Over just two years, the program’s broken commitments have collectively increased by roughly 40%.
Another way to express this dysfunction is to say: for every $1 the program collected, it generated more than $3 of promises that no one expects it to keep...Read all.