The Right Coast

Editor: Thomas A. Smith
University of San Diego
School of Law

Thursday, June 13, 2019

Social Security is staring at its first real shortfall in decades - Hot Air

Next year, for the first time since 1982, the program must start drawing down its assets in order to pay retirees all of the benefits they have been promised, according to the latest government projections.

Unless a political solution is reached, Social Security’s so-called trust funds are expected to be depleted within about 15 years. Then, something that has been unimaginable for decades would be required under current law: Benefit checks for retirees would be cut by about 20 percent across the board.

via hotair.com

https://rightcoast.typepad.com/rightcoast/2019/06/social-security-is-staring-at-its-first-real-shortfall-in-decades-hot-air.html

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Comments

Of course they won't be cut. Why would anyone do that in response to an accounting fiction? Anyway, it's small potatoes, as any Idahoan might say.

What might prove ruinous are Medicare and Medicaid. Huge marrows.

Posted by: dearieme | Jun 13, 2019 3:47:46 PM

Well, at least they called them the "so-called trust funds." The trust funds have never had any assets except for the government's promise to keep paying benefits, so "depleting" them means nothing in any financial sense.

Posted by: Alan Gunn | Jun 14, 2019 5:56:01 AM

shouldn't that be --> drawing down its "assets" in order <--

Posted by: yara | Jun 14, 2019 2:57:56 PM

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