Wednesday, December 3, 2014

Social Security will go insolvent by 2024

See: http://www.mrctv.org/blog/chart-social-security-s-end-date-fast-approaching-far-earlier-expected
http://dailysignal.com/2014/12/01/chart-shows-social-security-will-broke-10-years/
http://www.heritage.org/research/reports/2013/06/history-suggests-social-security-insolvency-is-coming-sooner-than-projected

"Aside from a short period in the late 1990s and early 2000s, when the exceptionally strong economy pushed Social Security’s projected solvency date forward, Social Security’s financial trajectory has been decidedly negative. If the historical pattern of declining solvency continues, the Social Security trust fund could become insolvent in 2024, a full nine years sooner than currently projected.[5]".
[5]The historical trend rate calculates an annual decline in the projected date of insolvency of 0.83 years. This figure is calculated by dividing the change in projected solvency of 25 years (2058–2033) by the 30-year period over which that decline occurred (1983–2013).

 Comment:  I'm don 't doubt that SS has problems, but I don't buy the 2024 date.  Its based on the "historical pattern of declining solvency". The last I heard, the date was 2033.  After that date, it won't disappear, just decrease benefits.

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