Tag: Social Security trust fund

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The brief’s key findings are: Contrary to media reports, the 2019 Trustees Report shows little change overall: Social Security’s 75-year deficit ticked down from 2.84 percent to 2.78 percent of payroll. Trust fund exhaustion moved out by one year, to 2035, after which payroll taxes still cover about three quarters of promised benefits. This shortfa…

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Thousands of baby boomers retire every day and sign up for Social Security. Yet the payroll tax that funds their benefits is being levied on a shrinking share of workers’ aggregate earnings. You might not know this but inequality and growing U.S. trade with China are among the forces that are behind this trend, Ga…