Wednesday, October 3, 2018

Social Security is now solvent until 2032

The CBO has published their data for the 2018 Long-Term projects for Social Security (https://www.cbo.gov/publication/54428).  Instead of writing a report, they just gave their data.  It shows that Social Security will not have benefit cuts until 2032, which is one year later than previously projected.  See Crisis in 2031

Calendar Year Tax Revenues Outlays with Scheduled Benefits Outlays with
Payable Benefits
2017 4.70 4.91 4.91
2018 4.54 4.95 4.95
2019 4.53 4.98 4.98
2020 4.55 5.10 5.10
2021 4.58 5.23 5.23
2022 4.60 5.33 5.33
2023 4.61 5.46 5.46
2024 4.61 5.57 5.57
2025 4.62 5.68 5.68
2026 4.66 5.78 5.78
2027 4.66 5.89 5.89
2028 4.67 6.01 6.01
2029 4.68 6.06 6.06
2030 4.68 6.13 6.13
2031 4.67 6.16 6.16
2032 4.62 6.20 4.62
2033 4.60 6.22 4.60
2034 4.57 6.25 4.57

This is really good news.  I'm not going to repeat the reasons why this would cause a major crisis, but this is really the end of the road, and its good that we have another year breathing room to try to figure out a solution.

I like to make wild inaccurate projections, so lets put a revised date on when this sucker is going down.  Sept 6, 2032 it is. You heard it here first.  Instead of mocking it, why not try to figure out if our system is sustainable indefinitely or how to fix it if it is not?

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