The program is now expected to deplete its funds by 2026, down from last year's estimate of 2029.
The trustees forecast that 100% of benefits will be covered through 2034, after which the trust funds for Social Security, which also cover old age and disability insurance programs, will only be able to cover about 79% of benefits.
The news was not all bad at Social Security. Because of the deterioration in Medicare's finances, officials said the Trump administration will be required by law to send Congress a plan next year to address the problems, after the president's budget is submitted.
The Social Security program's costs are expected to exceed its income this year, marking the first time that has happened since 1982 and forcing the USA government to dip into the retirement system's trust fund to pay benefits to participants. "The programs remain secure", Mnuchin said.
This year, the program's cost will outstrip total income by $2 billion and non-interest income by $85 billion, the report said.
Despite looming shortfalls, U.S. Treasury Secretary Steven Mnuchin said accelerated economic growth under the current administration would help to bolster both programs' coffers in the coming years.
Alfa Romeo To Deliver +700HP Supercar With The Ballistic 8C
Well, we might be seeing those names once more but this time, those models will be coming in as high-performance hybrid models. Alfa Romeo is still behind when it comes to fulfilling their plans, but hopefully we will see more from Alfa Romeo soon.
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Some ash reached the capital of Guatemala City about 25 miles away, temporarily forcing the closure of its worldwide airport. The explosion sent ash thousands of feet into the air, but the fast-moving lava flows caught local officials off guard.
Lord & Taylor’s Manhattan flagship store to close
In contrast, that measure was down 6.6 percent at its European chains, which Foulkes said was partly due to bloated inventories. She said she reorganized management there to have experienced executives run different regions and report directly to her.
Social Security covers 62 million people, split among retired workers and their dependents, survivors of workers who've died and disabled people.
Both the cost-of-living increase and the Medicare outpatient premium are not officially determined until later in the year, and the initial projections can change. They have called for increasing spending, which they would pay for with major tax increases, particularly on higher-income Americans.
Both programs are funded by dedicated taxes that no longer generate sufficient revenue to cover either program's costs. The report said the total annual cost of Social Security is projected to exceed total annual income in 2018 for the first time since the Reagan era, meaning the program will have to tap into reserves.
Meanwhile, Democrats want to extend the social safety net by spending more on health care and education.
Democrats have for months asserted that Republicans would use the deficit - swollen by tax cuts - as "an excuse to cut Social Security and Medicare", in the words of Senator Chuck Schumer of NY, the Democratic leader.