Social Security trust fund assets gone by 2037 – four years earlier than originally thought

Medicare and Social Security, the two main safety nets for American retirees, will account for more than 17 percent of the nation’s output by 2083 if left unchecked, according to Bloomberg. 2083? I doubt i’ll be around by then anyway. However, by the year 2037, i fully expect to be around at the ripe old age of 65. Just in time for retirement and social security right? Ummm. Not so much. The Social Security trust fund will run out of assets in 2037, four years sooner than previously forecast, the trustees said yesterday. Medicare’s hospital fund will be exhausted by 2017, two years earlier than predicted a year ago. Now, let me show you a quote from Harry Reid back in the year 2005 when the GOP warned about the impending insolvency:

“Today’s report confirms that the so-called Social Security crisis exists in only one place — the minds of Republicans,” said Senate Democratic Leader Harry Reid of Nevada. “In reality, the program is on solid ground for decades to come.”

Considering what an old wretch Harry Reid is, I guess he has no reason to care either.


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May 12, 2009 · Filed Under General Politics

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