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Social Security is meant to be a safety net for the disabled and retired. It delivers about $1.4 trillion in benefits to millions each year. However, the federal agency that runs it has been ...
When it operates at a deficit, as it has in recent years, it redeems asset reserves held in the trust funds. Section 201 of the Social Security Act requires that the money in the trust funds be ...
Social Security began running out of money when the baby boomers started to retire. Their exit from the workforce drastically increased the amount of Social Security benefits the program paid out ...
At the end of 2009, the Trust Fund stood at $2.5 trillion. The $2.5 trillion amount owed by the federal government to the Social Security Trust Fund is also a component of the U.S. National Debt, which stood at $15.7 trillion as of May 2012. [18] By 2017, the government had borrowed nearly $2.8 trillion against the Social Security Trust Fund.
However, the Trump administration’s plans to cut taxes and deport immigrants, who contribute to the social security fund even if they’re here illegally, could worsen the crisis, according to ...
Discretionary spending includes both defense and non-defense spending elements, but excludes mandatory programs such as Social Security and Medicare. The Budget Control Act of 2011 included both caps on discretionary spending as well as the sequester, both of which reduce discretionary spending. CBO projected in February 2013 that under the ...
Social Security’s primary source of funding is payroll tax revenue. Each year, a wage cap is established that dictates how much income is taxed per worker for Social Security purposes. In 2025 ...
"In essence, this money has been stolen from all of us for all these years," said an 84-year-old woman whose late husband's Social Security benefits were slashed. "It's not fair."