Here Are 5 New Signs Social Security Is Going Insolvent

From Daily Signal.com (June 6):

The Social Security Administration released its annual trustees report this week, and the prognosis is not good.

Trust fund depletion—the date when Social Security’s reserves will be exhausted and the program will only be able to spend what it receives in payroll taxes at that time—is approaching at a rapid pace. This year, Social Security will dip into its reserves for the first time since 1982.

Simply put, the trust fund is being drained.

The Social Security trustees report is a key pulse check on the single largest federal government program—the Old-Age and Survivors Insurance program—and its sibling, the Disability Insurance Program.

Americans should be made aware of the true state of Social Security so they can better understand why reforming the program is not only necessary, but absolutely essential.

Here are five takeaways from the most recent financial report:

1. $41 billion cash-flow deficit in 2017.
2. $16.1 trillion in unfunded obligations.
3. Insolvent by 2034.
4. Automatic 21 percent cut in benefits.
5. Delaying reform comes with a high cost.

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FEE.org articles on social security.