Beginning in 2020, Social Security spending will exceed all forms of the programs revenue, including interest income on the trust fund.
Think about that.
Annual OASDI cost has exceeded non-interest income every year beginning with 2010. The Trustees project that cost will continue to exceed non-interest income throughout the 75-year valuation period. Beginning in 2020, cost is projected to exceed total income, and combined OASI and DI Trust Fund reserves diminish until they become depleted in 2035.
The Trustees have been warning of what’s coming for many years and Congress has been ignoring those warnings for the same period.
And yet, advocates tell us SS has a surplus, advocates and some politicians call for increases in benefits and higher COLAs. Legislation (Social Security 2100) introduced two years ago languishes.
Doesn’t being mislead and lied to bother you, it bothers me. And, sans politics, this was an easy problem to solve and still is if the truth be told.