Social Security trust fund to run out by 2031: CBO

By artappraiser on Wed, 09/02/2020 - 3:50pm |

Cavaet: I know, this is always theoretical. But still, it's news that the CBO is saying it.

The Social Security Old Age and Survivors Insurance fund, which pays out retirement benefits, is on track to run out in 2031 as the economic fallout from the COVID-19 pandemic takes its toll, according to a Wednesday report by the Congressional Budget Office.

Without Congressional action to address the shortfalls, the depletion of the fund would lead to benefit cuts for retirees.

CBO projected that the OASI fund would drop from $2.8 trillion today to $533 billion in 2030, and run out the following year [....]

URL:

https://thehill.com/policy/finance/514839-social-security-trust-fund-to-run-out-by-2031-cbo

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they just put out deficit prediction:

The U.S. budget deficit is expected to reach $3.3 trillion for the fiscal year ending on September 30 — an estimated 98% of the size of the American economy, or gross domestic product, for the year https://t.co/mgluOU9Em2
— The New York Times (@nytimes) September 2, 2020

by artappraiser on Thu, 09/03/2020 - 1:09am

There is no trust fund. Its a fiction.

by Jeff (not verified) on Thu, 09/03/2020 - 7:08am

Any budget crisis >10 yrs is no crisis

The bigger issue is what, the $3.3 trillion deficit this year? Why the fuck are we even talking 11 years out? These douchebags are trying to crash the economy in January for some reason - to make Putin happy, sure, but they've been trying this a lot longer than years sucking up to Pootie. Speculating about the Social Security Apocalypse is pretty optimistic at this point - will there even be a country?

by PeraclesPlease on Thu, 09/03/2020 - 7:54am

U.S. trade deficit surges to biggest level since 2008

https://t.co/4SjjZK0CIZ
— Mike Walker (@New_Narrative) September 4, 2020

by artappraiser on Fri, 09/04/2020 - 12:05am

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