#social-security-insolvency

#social-security-insolvency

The ratio of workers to beneficiaries has plummeted from 10 or more in the mid-20th century to merely two or three today. As a result, the timeline for the depletion of the program's surplus trust funds has accelerated, shifting from 2035 to the end of 2032. After 2032, incoming payroll tax revenue, income from taxation of benefits, and interest on the trust funds will not cover 100% of promised benefits.

published Friday, warning that the U.S. is barreling toward a fiscal crisis if major changes are not made to entitlement programs and the tax code. In the piece, Romney argues that the projected bankruptcy of the Social Security Trust Fund by 2034 represents an urgent economic threat. Today, all of us, including our grandmas, truly are headed for a cliff, he wrote, noting that if the trust fund runs out, benefits would be cut by about 23 percent.