Social Security: The Congressional Budget Office Hints at Bigger Problems to Come
What’s $500 billion between friends? Chump change, right? Unfortunately, that’s about the difference of opinion between the Social Security Trustees and the Congressional Budget Office when it comes to the Social Security Trust Funds in just over eight years. Last July, the Social Security Trustees published their annual report on the health of the Social Security Trust Funds. Their intermediate projection estimated that the combined Trust Funds would have $2,698.4 billion in 2023. This January, the Congressional Budget Office produced its updated estimate. Combining its estimate for the cumulative shortfall in the Disability trust fund with its estimate for the Retirement trust fund produces a combined balance of $2,171 billion in 2023…Read More