Social Security Reserves Forecast To Be Empty By 2022
February 17, 2012 by Personal Liberty News Desk
Social Security's bank account will be empty in 2022, the first time the program's combined trust funds will run a deficit, according to the budget that was recently released by President Barack Obama.
The Washington Times reported that not only will Social Security be empty by that date, but one of Medicare's trust funds will also be in the red for much of the next decade.
According to the numbers in the briefing book that the White House provided along with the budget, Social Security's trust fund will run a deficit of $2.6 billion in 2022.
The Times reported that Social Security has taken in less in taxes than it has paid out in benefits since 2010, but the shortfall has been covered by the government dipping into the leftover money in the trust funds from previous years.
The Washington Post reported that the proposed budget from the President included only modest trims to Federal healthcare programs and no changes to Social Security, which remain the biggest drivers of future borrowing.