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Funding that Social Security relies on to pay benefits will run out one year earlier than previously projected, according to a new report published Wednesday. In its annual update, the Social Security ...
Social Security is now expected to be insolvent in 2033, necessitating a 23% cut in benefits. The Medicare hospital fund will run out the same year, requiring an 11% spending cut.
And she said it’s largely a self-inflicted wound by Congress for passing the Social Security Fairness Act, which she called a “fiscally irresponsible benefit increase” for public sector workers.
The Social Security Fairness Act eliminated two policies that had reduced Social Security payments for public sector workers. Experts had warned the measure would hurt the program's finances.
The go-broke date — or the date at which the programs will no longer have enough funds to pay full benefits — was pushed up to 2033 for Medicare’s hospital insurance trust fund, according to the new ...
Credit: AP A Social Security card is displayed on Oct. 12, 2021, in Tigard, Ore. Author: FATIMA HUSSEIN (Associated Press) Published: 6:03 PM EDT June 18, 2025 Updated: 3:49 PM EDT June 19, 2025 ...
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