A funny thing happened on the way to the collapse of Social Security.
Back in June 2016, the New York Times reported on the annual report by actuaries on when Social Security’s surplus would run dry.
Under existing law, the trustees said Wednesday, Medicare’s hospital trust fund would be depleted in 2028, two years earlier than projected in last year’s report.
In addition, they said, the Social Security trust funds for old-age benefits and disability insurance, taken together, could be depleted in 2034, the same year projected in last year’s report. Tax collections would then be sufficient to pay about three-fourths of promised benefits through 2090, they said.
The end is near.
But it is as near now as it was a year ago — 18 years away.
From Market Watch:
According to the 2017 report by the trustees for Social Security, the main Social Security trust fund is projected to pay full benefits only until 2035 — 18 years from now. Without legislative action, the fund will incur a huge shortfall, able to pay only about 75% of benefits going forward.
Well, 4.1% unemployment should fatten FICA revenues and stave off the collapse of Social Security.
In 2016, it would run out the year I turn 81.
In 2017, it will run out when I turn 82.
Maybe the U.S. economy can grow its way out of this mess.
***by Don Surber
Don Surber is a renowned retired newspaperman and columnist of forty years experience living in Poca, West Virginia. In July, he published Trump the Press on Amazon, a look at how the experts got the Republican nomination wrong. It is available on Kindle, and in paperback.
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