Social Security Trust Fund Depleted by 2031: CBO
Social Security

Social Security Trust Fund Depleted by 2031: CBO

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The Social Security Old Age and Survivors Insurance fund will be depleted by 2031, according to a report released Wednesday by the Congressional Budget Office.  

The CBO said the surplus in the fund, which pays Social Security retirement benefits, would drop from $2.8 trillion this year to $533 billion in 2030, and run out the following year.

The CBO also estimates that the Highway Trust fund will be depleted in 2021, Medicare's Hospital Insurance Trust Fund will run dry in 2024, and the Social Security disability fund will run out by 2026.

The economic slowdown caused by the coronavirus pandemic has put a dent in the federal government’s trust funds, CBO said. In January, the trust funds as a whole were projected to record a surplus of $57 billion in fiscal year 2020, but now are projected to record a $43 billion dollar deficit – a swing of $100 billion. The change in the estimate was driven largely by an increase in payouts by the Unemployment Trust Fund.