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When Fantroy contacted the Social Security Administration (SSA) for help, she was told to stop using Direct Express and to open up a checking account instead. But that didn’t fix the issue of ...
The latest Social Security Trustees Report estimates that the program's trust funds will be fully depleted in 2035. After that, Social Security will only be able to pay out 83% of scheduled ...
The Social Security retirement trust fund would be depleted more than a year earlier, and Medicare’s hospital insurance trust fund, which covers in-patient hospital care, hospice care, short ...
The "Social Security Trust Fund" comprises two separate funds that hold federal government debt obligations related to what are traditionally thought of as Social Security benefits. The larger of these funds is the Old-Age and Survivors Insurance (OASI) Trust Fund, which holds in trust special interest-bearing federal government securities ...
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.
Some lawmakers — mainly Democrats — have proposed raising the Social Security payroll tax rate from its current 12.4% to 15.6% or more following the trust fund depletion, and then gradually ...
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 ...
The Social Security Trust Fund is projected to be depleted by 2035, which could result in reduced benefits if action isn’t taken. ... included provisions to lower prescription drug costs for ...