Social Security: Failing Faster, Spending to Double over Decade and Disability Claims Rising
This past week, the Congressional Budget Office updated its annual projections on the health of Social Security.
It's no surprise that Social Security is in trouble. But a DailyFinance report says there's some shocking news coming from the Congressional Budget Office's annual projections on the health of Social Security and its Trust Funds. The main takeaways: Social Security is failing faster than last year's dire projection, Social Security spending will nearly double over the next decade and disability claims are high and rising. The report provides data and charts and says the future is ugly, calling the latest Social Security news "a stern warning of a pending financial catastrophe for a program that over 50 million Americans currently rely on — and nearly everyone working in the country expects to receive." "Either taxes are going to skyrocket…
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Michael Robinson
8:33 am on Sunday, February 10, 2013
Is this another report that projects a dire 50 year situation based on the last 4 years? The safety net is getting expensive because it's doing its job and keeping people from falling too far too fast. It's supposed to tap in to reserves in times like this, but those reserves were depleted by the mismanagement of past congresses. And we continue to learn the wrong lessons from this situation. more ›