The U.S. government budget deficit will triple this year to $3.3 trillion, soaring to the largest percentage of gross domestic product since 1945, the Congressional Budget Office projected on Wednesday.
Oh, and this… 11 years. And when it runs out, the deficit will soar higher
The Social Security Old Age and Survivors Insurance fund, which pays out retirement benefits, is on track to run out in 2031 as the economic fallout from the COVID-19 pandemic takes its toll, according to a Wednesday report by the Congressional Budget Office.
Without congressional action to address the shortfalls, the depletion of the fund would lead to benefit cuts for retirees.
CBO projected that the OASI fund would drop from $2.8 trillion today to $533 billion in 2030, and run out the following year.
Though the retirement fund is the largest and most intently watched of the major government “trust funds” — which have dedicated revenues to fund specific benefits — three other major funds are also on track to run out.
The Highway Trust Fund will be depleted next year, Medicare’s Hospital Insurance Trust Fund will run out in the 2024 fiscal year and the Social Security fund for disability insurance will be empty by 2026.
Neither party cares about this anymore. They don’t even bother to pretend that they do. But it will kill our country.