Social Security is approaching the crisis point for whoever is the next President of the USA.
The program collects $1.44 trillion.
Social Security spends $1.67 trillion.
The deficits are covered by selling treasury bonds that social security built up over decades.
In 2032 that fund of treasury bonds will be empty. Then Congress and the President have to make a decision. Current law automatically will cut benefits by 22%. So Congress has to decide whether:
1) let the cuts happen
2) raise taxes to cover the cuts in benefits
3) just use the general revenue funds and let the overall budget deficit increase by about $600 billion per year in 2033.
Social Security is approaching the crisis point for whoever is the next President of the USA.
The program collects $1.44 trillion.
Social Security spends $1.67 trillion.
The deficits are covered by selling treasury bonds that social security built up over decades.In 2032 that… pic.twitter.com/FQoi6GwHpS
— Wall Street Mav (@WallStreetMav) August 31, 2026
Social Security depletion moves to 2032
The OASI trust fund is now projected to run out in Q4 2032.
At that point, only 78% of scheduled benefits could be paid from continuing program income.
Social Security’s annual deficit keeps getting larger
Under the Trustees’ 2026 projections, combined OASDI income and costs in 2032 are roughly:
$1.68 trillion income
versus
$1.98 trillion cost
That’s about a $306 billion annual gap in 2032 before considering the trust-fund reserves.
By 2033, the gap grows further.