Social Security Will Be Bankrupt in 2033
In a report for the American Action Forum, Douglas Holtz-Eakin, Gordon Gray and Conor Ryan break down the details of the latest Medicare Trustees report. The Trustees report makes clear that the Social Security program (including its retirement and disability funds) will go entirely bankrupt in 2033. The financial picture is bleak. Social Security collected $752.2 billion in non-interest income in 2013, yet it spent $822.9 billion. Since 2010, the program has run a cumulative deficit of $219.7 billion, and the program will owe almost $9 trillion more than it is estimated to bring in over the next 75 years…Read More.