{"id":346,"date":"2019-08-30T09:06:37","date_gmt":"2019-08-30T09:06:37","guid":{"rendered":"http:\/\/worldculturepictorial.com\/wcp-blog\/?p=346"},"modified":"2019-08-30T21:20:26","modified_gmt":"2019-08-30T21:20:26","slug":"federal-deficit-1-2-trillion-per-year-social-security-trust-fund-depletion-2035-all-checks-23-percent-smaller-millions-bankruptcy","status":"publish","type":"post","link":"https:\/\/worldculturepictorial.com\/wcp-blog\/federal-deficit-1-2-trillion-per-year-social-security-trust-fund-depletion-2035-all-checks-23-percent-smaller-millions-bankruptcy\/","title":{"rendered":"$ and math: average federal deficit to hit $1.2 trillion\/year, Social Security Trust Fund on edge of insolvency, to be depleted in 2035 &#8211; all checks 23% smaller"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"http:\/\/www.worldculturepictorial.com\/images\/content_6\/social-security-red-ink-cartoon.jpg\" alt=\"\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"http:\/\/www.worldculturepictorial.com\/images\/content_6\/social-security-deficit.gif\" alt=\"\"\/><\/figure>\n\n\n\n<p>(quote)<br><br>\n\n<a href=\"https:\/\/finance.yahoo.com\/news\/cbo-deficit-projection-may-doom-social-security-ric-edelman-190313860.html\" target=\"_blank\" rel=\"noopener noreferrer\">Endless federal red ink may doom Social Security recipients<\/a><br>\nAccording to a new report from the Congressional Budget Office (CBO), the average federal deficit is now expected to hit an eye-popping $1.2 trillion per year between 2020 and 2029\u2014a total of $12.2 trillion over that period.<br><br>\n\nThe new deficit figures are amplifying fears among some retirement security experts about an inevitable blow to critical entitlement programs. First and foremost: Social Security, which is already dancing on the knife\u2019s edge of insolvency.<br><br>\n\n\u201cIf nothing is done, the [Social Security] Trust Fund is depleted in 2035,\u201d Edelman Financial Engines executive chairman Ric Edelman told Yahoo Finance\u2019s YFi PM. \u201cAt that point, under current law, all beneficiaries \u2014 everybody getting Social Security checks \u2014 will get a check that\u2019s 23% smaller. This could push millions of American retirees into bankruptcy,\u201d he warned.<br><br>\n\n(unquote)<br><br>\n\nImage courtesy <a href=\"https:\/\/www.chicagotribune.com\/opinion\/ct-social-security-running-in-the-red-20190425-story.html\">Scott Stantis<\/a> and <a href=\"http:\/\/www.tucsonsentinel.com\/nationworld\/report\/022811_social_security_democrats\/democrats-deny-social-securitys-red-ink\/\">CBO &#8216;Combined OASDI Trust Funds; January 2011 Baseline&#8217; 26 Jan 2011<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(quote) Endless federal red ink may doom Social Security recipients According to a new report from the Congressional Budget Office (CBO), the average federal deficit is now expected to hit an eye-popping $1.2 trillion per year between 2020 and 2029\u2014a total of $12.2 trillion over that period. The new deficit<span class=\"more-link\"><a href=\"https:\/\/worldculturepictorial.com\/wcp-blog\/federal-deficit-1-2-trillion-per-year-social-security-trust-fund-depletion-2035-all-checks-23-percent-smaller-millions-bankruptcy\/\">Read More &rarr;<\/a><\/span><\/p>\n","protected":false},"author":19,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"_vp_format_video_url":"","_vp_image_focal_point":[],"footnotes":""},"categories":[5,8,12],"tags":[22,26,27,18,35,41],"class_list":["entry","author-wcp-system-thinker","post-346","post","type-post","status-publish","format-standard","category-figures-and-facts","category-life-nature-society","category-us-and-world","tag-economy","tag-facts","tag-figures","tag-life","tag-news","tag-society"],"_links":{"self":[{"href":"https:\/\/worldculturepictorial.com\/wcp-blog\/wp-json\/wp\/v2\/posts\/346","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/worldculturepictorial.com\/wcp-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/worldculturepictorial.com\/wcp-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/worldculturepictorial.com\/wcp-blog\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/worldculturepictorial.com\/wcp-blog\/wp-json\/wp\/v2\/comments?post=346"}],"version-history":[{"count":0,"href":"https:\/\/worldculturepictorial.com\/wcp-blog\/wp-json\/wp\/v2\/posts\/346\/revisions"}],"wp:attachment":[{"href":"https:\/\/worldculturepictorial.com\/wcp-blog\/wp-json\/wp\/v2\/media?parent=346"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/worldculturepictorial.com\/wcp-blog\/wp-json\/wp\/v2\/categories?post=346"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/worldculturepictorial.com\/wcp-blog\/wp-json\/wp\/v2\/tags?post=346"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}