Social Security payments will get cut $325 a month starting in 2033 without changes: actuaries

Social Security and Medicare trust funds are projected to be depleted in roughly a decade, with beneficiaries facing an automatic cut

Eric Revell / FOXBusiness

The head actuaries for Social Security and Medicare testified before a House panel on Thursday about the two safety net programs' looming financial woes that could see key trust funds depleted in roughly a decade, which would leave beneficiaries facing a benefit cut if the funding gap isn't resolved by Congress.

Trustees for Social Security and Medicare recently released a report that looked at the health of the key trust funds that found that key trust funds are on pace to be depleted in roughly a decade. When that happens, those programs would only be able to pay out what they receive through incoming payroll tax receipts, meaning benefits would be automatically cut under current law.

Social Security's Old-Age and Survivors Insurance (OASI) trust fund is expected to be depleted in 2033, when just 79% of scheduled benefits would be payable. When merged with the Disability Insurance (DI) fund, the date shifts to 2035 with 83% of benefits payable. Based on the $1,907 average monthly benefit as of January 2024, that 17% cut would leave beneficiaries with a $1,582 check — $325 less per month and $3,900 less per year.

Federal Court Hands Biden White House a Massive Loss on Gun Rule

Matt Vespa / Townhall Tipsheet 

 

It’s been a rough week for the Biden administration on gun policy. They got double-tapped on the areas where they could ostensibly score regulatory wins. As Spencer wrote earlier today, the Supreme Court slapped down the ban on bump stocks in a 6-3 vote:

 

"The Supreme Court ruled 6-3 in Garland v. Cargill that the ATF exceeded its statutory authority by classifying bump stocks as "machineguns" in the wake of the 2017 Las Vegas shooting. 

Written by Justice Thomas, the majority opinion released Friday morning explains that "Congress could have linked the definition of 'machinegun' to a weapon's rate of fire" in the National Firearms Act of 1934 but "it instead enacted a statute that turns on whether a weapon can fire more than one shot 'automatically...by a single function of the trigger.'" 

"We hold that a semiautomatic rifle equipped with a bump stock is not a 'machinegun' because it cannot fire more than one shot 'by a single function of the trigger,'" Thomas writes. "And, even if it could, it would not do so 'automatically.'" As such, the Supreme Court arrived at its ruling that the "ATF therefore exceeded its statutory authority by issuing a Rule that classifies bump stocks as machineguns." Read ore and see Xs here.

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