Social Security trust funds are projected to become insolvent over the next decade if lawmakers don’t take legislative action to preserve the health insurance program. If no action is taken, Social Security is set to become depleted by 2033.
If no action is taken, Social Security is set to become depleted by 2033 — one year earlier than previous estimates, according to the report. The most recent projections come as lawmakers remain split on how to fund the welfare program, and negotiations remain stalled over next year’s budget.“Lawmakers have many options for changes that would reduce or eliminate the long-term financing shortfalls,” the board wrote.
OASI and DI operate independently from Social Security as a whole but are included in projections as the two funds are considered to be representative of the program’s status as a whole.
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