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Social Security Trust Funds Could Run Dry By 2033

Braden Holly |
April 23, 2012 | 11:41 a.m. PDT

Executive Producer

Illustration of a Social Security Card. Photo courtesy of Creative Commons.
Illustration of a Social Security Card. Photo courtesy of Creative Commons.
The trust funds that support social security have fallen prey to a weak economy and high energy prices, shortening their life by about three years, said government officials Monday.

The trustees that oversee the program issued a report that said the trust funds supporting the program could run dry as early as 2033, according to the Associated Press.

According to the Associated Press:

If the Social Security and Medicare funds ever become exhausted, both programs would collect only enough money in payroll taxes to pay partial benefits.

The trustees said in their annual report that Congress should address the programs as soon as possible, but no action is likely before the November election.



 

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