The Congressional Budget Office has released a new estimate on the future of Social Security, which projects that the Old-Age and Survivors Insurance Trust Fund will be depleted by the end of 2033.
The non-partisan CBO said the data in the new report supplements the group’s previously released Long-Term Budget Outlook: 2025 to 2055. “Fiscal year 2034 is the first year after the projected exhaustion in fiscal year 2033 of the balance of the Old-Age and Survivors Insurance Trust Fund,” read the report, CBO’s 2025 Long-Term Projections for Social Security, released on Thursday.
Social Security was invented with the passage of the Social Security Act, which was signed into law by President Franklin D. Roosevelt on August 14, 1935. The act established a federal safety net for elderly, unemployed, and disadvantaged Americans.
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Author: Joe Weber
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