I have been telling you for years there is no Social Security surplus. Sen Sanders, groups such as Social Security Works and others have been misleading you.
The just released 2018 Trustees Report says this.
Under the Trustees’ intermediate assumptions, Social Security’s total cost is projected to exceed its total income in 2018 for the first time since 1982, and remain higher throughout the projection period. Social Security’s cost has exceeded its non-interest income since 2010. For 2018, cost for the program is projected to exceed total income by $2 billion and non-interest income by $85 billion. As a result, asset reserves will decline during 2018. Reserves are also projected to decline throughout the remainder of the short-range period.
The Trustees also say
To illustrate the magnitude of the 75-year actuarial deficit, consider that for the combined OASI and DI Trust Funds to remain fully solvent throughout the 75-year projection period: (1) revenues would have to increase by an amount equivalent to an immediate and permanent payroll tax rate increase of 2.78 percentage points to 15.18 percent, (2) scheduled benefits would have to be reduced by an amount equivalent to an immediate and permanent reduction of about 17 percent applied to all current and future beneficiaries, or about 21 percent if the reductions were applied only to those who become initially eligible for benefits in 2018 or later; or (3) some combination of these approaches would have to be adopted.
Categories: Social Security