Social Security trust fund to run out by 2031: CBO

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    • #354520
      N2Doc
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      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.

      The Highway Trust Fund will be depleted next year, Medicare’s Hospital Insurance Trust Fund will run out in the 2024 fiscal year and the Social Security fund for disability insurance will be empty by 2026.

      more

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

      The oligarchs seem to have a vast surplus of funds. Just Sayin’

    • #354524
      MizzGrizz
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      That seems to be the idea.

      The ironic thing thing is,it’s the old people who don’t seem to mind.They’re the ones most on board with austerity and endless wars that deplete  the Treasury.

    • #354551
      jwirr
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      • Total Posts: 1,634

      Not all old people. But I only get $296 a month so I do not stand to lose that much but it keeps  me from starving.

      If the younger people let this fall then it is them that will lose the most. Who will take care of the grandparents? Mine are already doing that for me. Who will take care of their disabled children and adults – the family. Who will take care of them when they retire if they can? Oh, yes I forgot they have privatized retirement funds now – ha ha. Have they checked out the impact of coronavirus on that savings lately?

      jwirr

    • #354558
      Bernie Boomer
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      Change the wording in the statute so that, like Medicare, the Treasury has to pay out benefits regardless of the status of the ‘trust fund.’

      Oddly, the government has no problem doing that with Medicare. No shrieking about ‘running out of money’ or any of that nonsense.

      https://www.emptywheel.net/2020/08/08/social-security-and-other-entitlements/

    • #354559
      incognito
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      and to before Social Security started.

      The burden of taking care of elders will now be placed on THE FAMILY. Instead of having independent seniors, there will be no other alternative other than their children taking on that financial burden.

      Medical bills, food, clothing, medicine, homing, etc…

      And how the fuck will that happen when no one has a savings or a damn job?

      Soylent Green.

      Let them die.

      That’s the plan.

      What use are they?

      They can’t make us money anymore, so get rid of them

      And Dementia Joe will likely hurry this destruction of SS along.

    • #354574
      MizzGrizz
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      • Total Posts: 2,442

      The public wasn’t ready when Ronnie tried it,or Bill,or George,or even Obama.But forty years is a long time to psychologically beat down and brutalize a population.

      By now,between the virus and the economy,they figure the public is so battered and bruised that they won’t even notice.And they could be right.

      We’ll all just look up one day and Social Security will be gone.

      Heck of a lot more efficient this way than death camps to commit genocide.

    • #354585
      Cold Mountain Trail
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      more bullshit from the bullshit factory

      they’ve been predicting this since 1936, & since the 80s full bore.  we’ve already passed earlier predicted dates of SS’s demise.  the public has the memory of a gnat.

      I think the pandemic, the bank bailouts and the military budget should have disabused us of the notion that these things actually depend on how much ‘money’ is available.

       

    • #354586
      gordyfl
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    • #354591
      Bearian
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      • Total Posts: 588

      He’ll have no problem with his Grand bargain this time

    • #354594
      Two way street
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      • Total Posts: 1,817

      https://www.ssa.gov/oact/trsum/
      <h2 class=”fw6″>A SUMMARY OF THE 2020 ANNUAL REPORTS</h2>
      Social Security and Medicare Boards of Trustees

      Looking forward to seeing a new set of voices from the People’s Party verbally assert the ways in which the funds will be kept alive and well.  They will run for office on this issue in the 2022 Primary and General Election.  Keep in mind that all House  members are up for re-election every two years.  The People’s Party needs to start voicing itself immediately, in my opinion.

      2020 Campaign Season: We the People are in the fight for our lives and livelihoods.

    • #354607
      Fasttense
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      • Total Posts: 1,169

      From the article: “The change in CBO’s estimate was largely driven by an increase in payments made by the Unemployment Trust Fund as the number of beneficiaries increased,” the report noted.”

      What the f*ck does that even mean? The Social Security Trust Fund and Unemployment Trust Funds are 2 different funds paid for by workers from their income taxes.

      The Social Security Trust was suppose to go away after the Baby Boomers die, except as a pass thru account. The Social Security Trust Fund is paid for by workers income taxes that Raygun doubled so that half the tax went to paying for the Baby Boomer’s parent’s retirement and the other half goes into the Trust fund to be taken out as we Baby Boomers reach retirement. After we Baby Boomers all die, that trust fund should be zero. The generations younger than Baby Boomers are paying Only for their own retirement. That according to Raygun was how it was suppose to work.

      You folks that are younger than Baby Boomers Don’t need the Trust Fund except as a pass thru account to hold money for that years Social Security.

      What that’s got to do with the unemployment insurance trust fund is unrelated, Except because of the frequent crashes of our lousy economic system a third of US workers are unemployed and I’ll bet that fund is pretty well decimated.

      With more workers out of work, there is less money going into Social Security. That maybe why Social Security is in need of money.

      I guess the filthy rich will just have to start paying their fair share of taxes to build up both funds again…..right Zuckerberg? Right Billy boy Gates?

    • #354826
      eridani
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      The worst that Biden is likely do would be to set up another Deficit Commission, and Social Security Works does not plan to be caught flat-footed by that as they did in 2011.

      Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction

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