Social Security’s costs are expected to exceed its income in 2020 for the first time since 1982, forcing the program to dip into its nearly $3 trillion trust fund to cover benefits.
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“Both Social Security and Medicare face long-term financing shortfalls under currently scheduled benefits and financing,” the trustees wrote, urging lawmakers to take action sooner rather than later to give policy makers enough time to phase in changes.
Oh, they will eventually take action. I expect them to increase taxes, cut benefits, raise the age of eligibility and eventually just print more money.
As I have said before, Social Security and Medicare will eventually destroy the US as a political entity.
In the article they keep talking about a trust fund. There is no trust fund, there are just trillions of IOU’s. The shortfalls will be made up from the regular budget which will add to the deficit.
Ask me again why I am long term bullish on gold? At some point this will matter and then all hell will break loose