Social Security's financial outlook took another hit this week, as the Congressional Budget Office hiked its estimate for cash deficits from 2013 to 2022 by $212 billion.
The wider deficits — mainly due to weaker revenue estimates — mean a quicker depletion of Social Security's trust fund, after which the program could only afford to pay about 75% of benefits.
Last year, IBD was on the money in predicting, based on CBO's 10-year outlook, that the Social Security Administration would move up the trust fund exhaustion date to 2033 from 2036. Now IBD finds that CBO's fresh estimates point to the trust fund running dry in 2031, though the retirement program's actuaries don't rely on CBO data.
Source: Investors Business Daily. Read full article. (link)