Social Security Solvency: Accelerated Depletion and the Impact of Recent Legislation
Social Security Solvency: Accelerated Depletion and the Impact of Recent Legislation The Social Security Administration’s latest trustees’ report reveals a concerning acceleration in the depletion of its trust funds. While the report indicates sufficient funds to cover 100% of scheduled benefits until 2033 (a one-year reduction from last year’s projection), the long-term outlook remains precarious. Without Congressional action, benefit cuts are inevitable. After 2033, the Old-Age and Survivors Insurance (OASI) Trust Fund is projected to cover approximately 81% of scheduled…