Trustees of the Social Security fund have released a new report that says the program will be insolvent by 2023. See potential bias and similarities in coverage from NPR, Reuters, and reason:
Trustees of the Social Security fund have released a new report that says the program will be insolvent by 2023.Benefits paid out have exceeded money taken in by SS since 2021, and they expect to only be able to pay out 80% of scheduled benefits after 2034. Conversely, Medicare, expected to deplete by 2028, is now seeing an improved situation, expected to last until 2031.The estimate from the trustees is a step backward from their last assessment, claiming full benefits would last until 2034.
Treasury Secretary Janet Yellen said Social Security and Medicare are “bedrock programs that older Americans rely upon”, and that “The Biden-Harris Administration is committed to ensuring the long-term viability of these critical programs.” Acting Social Security Commissioner Kilolo Kijakazi said"With informed discussion, creative thinking, and timely legislative action, Social Security can continue to protect future generations.
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