Social Security Expected to Dip Into Its Reserves This Year

The Wall Street Journal ^ | 05 June 2018 | David Harrison

[Theoria]

Aging population is boosting the costs of Social Security and Medicare as growth projections ease

The Social Security program’s costs will exceed its income this year for the first time since 1982, forcing the program to dip into its nearly $3 trillion trust fund to cover benefits.

This is three years sooner than expected a year ago, partly due to lower economic growth projections, according to the latest annual report the trustees of Social Security and Medicare released Tuesday. The program’s income comes from tax revenue and interest from its trust fund.

The trust fund will be depleted in 2034 and Social Security will no longer be able to pay its full scheduled benefits unless Congress takes action to shore up the program’s finances. Without any changes, recipients then would receive only about three-quarters of their scheduled benefits from incoming tax revenues.

The report also said that Medicare’s hospital insurance fund would be depleted in 2026, three years earlier than anticipated in last year’s report. Absent changes, the program then would be able to handle 91% of costs.

The nation’s aging population is boosting the costs of Social Security and Medicare, while revenue gains lag due to slower growth in the economy and the labor force.

About 61.5 million people receive retirement or disability benefits from Social Security and 58.4 million receive Medicare.

[Brilliant]

Heard a Democrat blame all this on Trump. If he hadn’t boosted the economy it would have happened sooner. The Deep State announces these things when it can blame them on Republicans.

[Blood of Tyrants]

Great. Right about the time I retire.

[EinNYC]

Why were Social Security funds, paid into by decent hardworking Americans, dispersed to the criminal illegal invaders from Mexico et al? Why weren’t stolen SS numbers looked into a WHOLE lot harder? Doesn’t SSI money come out of the Social Security pot? How about the bunch of drug addicts, who put THEMSELVES behind the 8-ball, receiving SSI payments vs. people like me who slaved away productively for so many years? I get my SS payments (which I haven’t started yet) reduced so money can go to illegals and druggies?

[NEMDF]

What you said, along with 0bama’s regime letting people get the SS disability benefits for a hangnail or less.

[R_Kangel]

..... Doesn't anybody find it curious that the Government is running out of Social Security funds which we pay into and should receive .... But never runs out of Welfare funds that we also pay into and most never receive.

[Balding_Eagle]

Kick the damn illegals off of SS.

[SecondAmendment]

"LIES,LIES,LIES There is NO Trust Fund, just a bunch of IOU’S because CONgress Stole and Spent the Money"

Bingo ! The "Trust Fund" is literally filing cabinets full of special issue Treasury certificate held by the Bureau of Public Debt in W. VA.

[mulligan]

What reserves? There are none.

[Captain Peter Blood]

I just sent this Jackass who write this drivel a email as I am sure many others have. Why don’t they write the truth for change instead of the fantasy?????????????

[Captain Peter Blood]

BY the way they have had to supplement SS from the General Tax revenues for the last several years.

[thinden]

Giving money away to those illegals and people who hadn’t put in a cent.

Xxxxxxxxxxxxxxxxxxxxxxx

I think you’re right on the money!!

[smalltownslick]

Illegal aliens are boosting the cost of Social Security. STOP giving our money to people who have never paid into the system, and deserve NOTHING!!!!!

[xrmusn]

Oh ye of little faith.

AL GORE told us there was a lock box.

and who doesn’t believe anything algore says..

OR IS THAT

WHO believes anything algore says????

[a fool in paradise]

‘But don”t touch my $100,000 pension!’

#SickOfBailouts

[LostInBayport]

I will turn 62 around the time the fund will be depleted. I am pretty sure by that time I will be means tested, and if I have scrimped, saved and sacrificed I will be robbed of the funds I was forced to pay under penalty of law (self-employment: that's 12% of my income).

I will know where it went. The stories, both here on FR and from people to whom I've spoken, are legion. Social Security waiting rooms are filled with young people with "disabilities" and visitors to our country. They are right now spending my social security funds.

Yes, I'm pissed about it. If only my elected representatives were too.

[SkyDancer]

My dad said that Johnson cracked into SS to pay for the Vietnam war.

[Citizen Soldier]

Exactly right!

[Go_Raiders]

Buffett’s salary is 100,000 per year. All of his salary is already subject to social security tax.

[Cold Heart]

1)It’s just crumbs anyway/s

2) All monies to illegals in any form should be diverted to SS and Medicare

[Go_Raiders]

There was never, ever, anything to “crack into” because the funds collected were never, ever invested in anything other than government debt. Without investment in growth and/or income producing assets like real estate or stocks, there is now and never was any possibility of the program being sustainable.

I can tell my wife I owe her a billion dollars, but it won’t make her a billionaire.