Social Security Was Cheated Out of $190 Billion in 2019
As you're probably well aware, the most important social program in this country, Social Security, is in some pretty big trouble.
Last year, the Social Security Board of Trustees released a report detailing the short- and long-term outlook for the program. Among its findings were that Social Security would experience a net-cash outflow in 2020 for the first time since 1982, and that the program's asset reserves (i.e., its net-cash surpluses built up since inception) would be completely depleted by 2035. While these asset reserves aren't necessarily for the program to remain solvent, it does imply that big benefit cuts could be headed retired workers' way within the next 15 years.
In short, Social Security has a lot of problems that are adversely affecting its financial well-being.
Source Fool.com
