the trust funds will run out about 2035, and that, as a result, benefits will be cut. Unless Congress acts to change the law.
https://www.ssa.gov/oact/trsum/
This summary of the 2024 Trustees Reports describes the outlook for both the Social Security and Medicare programs and the projected actuarial status of the trust funds that finance them. It presents results based on the Trustees’ best estimates of likely future demographic, economic, and program-specific conditions, which are referred to as the intermediate set of assumptions in the Trustees Reports.
. . .
It is often useful to consider the findings for the two Social Security trust funds (OASI and DI) on a combined basis. The actuarial deficit for Social Security as a whole – called OASDI – is 3.50 percent of taxable payroll. If these two legally separate trust funds were combined, then the hypothetical OASDI asset reserves would be projected to become depleted in 2035 and 83 percent of scheduled Social Security benefits would be payable at that time, declining to 73 percent by 2098
(emphasis added)
The report is signed by four high Democratic officials, not by some Koch-funded entities
Janet Yellen, Secretary of the Treasury, and Managing Trustee of the Trust Funds.
Xavier Becerra, Secretary of Health and Human Services, and Trustee.
Julie A. Su, Acting Secretary of Labor, and Trustee.
Martin O'Malley, Commissioner of Social Security, and Trustee.
Many SS myths busted:
https://www.democraticunderground.com/?com=view_post&forum=1014&pid=3365364
Edited to add Seeing another comment upstream ... The trust funds contain "special non-marketable U.S. Government securities" per the TRSUM link above. Being non-marketable, nobody can "raid" it. At least nobody has explained to me what one does with a fistful of non-marketable securities, and anyway its all electronic these days AFAIK.
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