The trustees of the combined Old-Age and Survivors Insurance and Disability Insurance trust funds – in a report to Congress on Wednesday, June 22 – said that the funds will be extinguished in 2034 (no changes from last year’s report), with the disability fund depleted in 2023, six years later than last year’s estimate. According to the report, “Social Security’s total income is projected is projected to exceed its total cost through 2019, as it has since 1982.”
Moreover, the trustees’ current forecast for a Social Security cost-of-living-adjustment for 2017 will be 0.2%, followed by a 2.9% increase in 2018, and finally a 2.6% increase in 2019.
Unites States Secretary of the Treasury Jacob Joseph “Jack” Lew, in a statement, noted that the trustees’ report, “continues to reflect the positive impact of the [Patient Protection and] Affordable Care Act [or Obamacare] on our nation’s health care system. Since the law was passed [in 2010], increases to health care costs have slowed substantially”.
Republicans were less welcoming of the reports. House Ways and Means committee chairman Kevin Patrick Brady (Texas), said, “If the Obama administration continues its irresponsible inaction, Medicare and Social Security will fail to serve our children and grandchildren in the future.”
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