For the first time since 1983, Social Security will have to dip into its trust fund to cover costs.
While this isn’t a complete shock, it’s an early move. It was predicted Social Security wouldn’t need to hit up its nearly $3 trillion trust fund until three years from now.
As reported by the Wall Street Journal, lower economic growth projections were the culprit for the early dip into the program’s trust, which will be depleted by 2034. So is this an indication that Social Security is in trouble?
Brian Riedl, economist and senior fellow at the Manhattan Institute, a New York-based conservative think tank; he’s been following the story
Michael Hiltzik, business columnist at the LA Times and author of the book, “The Plot Against Social Security: How the Bush Plan Is Endangering Our Financial Future” (Harper, 2005)