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In its annual report on the financial status of Social Security, the board of trustees of the Federal Old-Age and Survivors Insurance and Disability Insurance Trust Funds said that the long-term prognosis had changed little since last year. Unfortunately, it’s still fatal. The trustees found that tax revenues will fall below the costs of Social Security by 2018 and the funds will be completely exhausted by 2042. The primary force threatening to push Social Security toward insolvency is the impending retirement of the baby-boom generation at the end of the next decade. The board concluded, “We do not believe the currently projected long-run growth rates of Social Security and Medicare are sustainable under current financing arrangements.” [04/05/04]

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