Geithner: The Entitlements Shortfall Is Coming Sooner Than You Think*

tim geithner small hands pinch AP

Update: While moving forward the shortfall for Social Security and Disability Insurance, Geithner pushed back the Medicare shortfall.

[Our original article looked at an old version of the SSTF. It has been corrected.]

Geithner’s big report on entitlement programs makes it official. A long-term deficit arrives for Social Security next year.

The new timeline is worse than last year’s report, which predicted a shortfall 2017. Social Security was already running a deficit during the financial crisis. Last year’s report said it would hit positive for a few years and then, thanks to demographic issues, drop red for the rest of your life. The Social Security Trust Fund is projected to run out in 2037.

The Disability Insurance fund will run out in 2018, two years earlier than in last year’s report.

See 14 reasons why the US will never have a balanced budget again –>

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