News release: “The Social Security Board of Trustees today released its annual report on the financial health of the Social Security Trust Funds. The Trustees project that program costs will exceed tax revenues in 2016, one year sooner than projected in last years report. The combined assets of the Old-Age and Survivors, and Disability Insurance (OASDI) Trust Funds will be exhausted in 2037, four years sooner than projected last year. The worsening of the long-range outlook for the Social Security program is due primarily to the recent economic downturn and faster reductions in mortality than previously assumed.”
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