SOCIAL SECURITY 1935
01.Core Concepts
"We can never insure one hundred percent of the population against one hundred percent of the hazards and vicissitudes of life, but we have tried to frame a law which will give some measure of protection to the average citizen and to his family against the loss of a job and against poverty-ridden old age."-- -President Roosevelt upon signing Social Security Act 3 SOCIAL SECURITY STATUS TODAY 1. Both Social Security and Medicare will experience cost growth substantially in excess of GDP growth through the mid-2030s due to rapid population aging. 2. The Social Security program provides workers and their families with retirement, disability, and survivors insurance benefits. 3. The Trustees project that the OASI trust funds will be depleted in 2033. • Continuing tax income will be sufficient to pay 79% of scheduled benefits. 4. The Trustees project that the HI trust fund will be depleted in 2036. • Continuing program income will be sufficient to pay 89% of scheduled benefits. Source: Excerpts from Social Security and Medicare Boards of Trustees: A Summary of the 2024 Annual Reports: [https://www.ssa.gov/oact/trsum/]