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
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.