At a town hall meeting in Columbus, Ohio in 2010, President Barack Obama ensured the worried audience that “Social Security is not in crisis.” Obama was wrong.
Not only is Social Security in the worst shape it has ever been in, a recent Congressional Budget Office (CBO) report reveals the problem has grown significantly worse under the Obama administration.
In its annual long-term Social Security projections report, the nonpartisan CBO says 2013 Social Security costs exceeded income by about 9 percent, and that gap is expected to average 17 percent over the next decade. The CBO projects that by 2030, all Social Security trust funds will be exhausted, and unless income exceeds expenditures, “the Social Security Administration [will] no longer have legal authority to pay full benefits when they [are] due.”
The slow demise of Social Security trust funds should surprise no one, but what is disturbing is the rate at which the CBO’s projections for Social Security’s survival has dropped under Obama.