The program’s 'Missing Trust Fund' provides a strong case for an infusion of general revenues
According to the latest Social Security Trustees Report, the program’s 75-year deficit increased to 3.61% of taxable payroll compared with 3.42% in 2022.
The year for depletion of Old-Age and Survivors Insurance trust fund assets moved up one year, from 2034 to 2033. Yes, the Disability Insurance trust fund has sufficient assets to pay benefits for the full 75-year period and the date of exhaustion for the combined OASDI trust funds is 2034. But combining the two systems would require a change in the law; hence,...
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