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Social Security now expected to run short on funds in 2035, one year later
A brighter economic outlook has helped push Social Security's projected trust fund depletion date to a year later. But there's still urgency for Congress to act.
The Social Security trustees credited the slightly improved outlook to more people contributing to the program amid a strong economy, low unemployment and higher job and wage growth. While the new projected depletion dates show lawmakers have slightly more wiggle room, experts say the solvency of both Social Security and Medicare should be addressed sooner rather than later. "We're driving straight into this mess despite all the warning bells and alarms that the trustees and others have been ringing for decades now," Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said in a statement.
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