What’s going on?
The number of people on Social Security benefits reached a record 61,859,250 last month, according to Social Security Administration data.
CNSNews.com reported that even with the unemployment rate at its lowest since 2000, there are only about two full-time workers for every person on Social Security.
- Nearly 62 million people are Social Security beneficiaries.
- The ratio of workers (including full-time and part-time) to beneficiaries is only about 2.5 to 1.
- Social Security is heading toward a $12.5 trillion shortfall through 2091.
- The national debt is at more than $20.6 trillion as of this writing.
What needs to happen next?
The Social Security board of trustees says Congress needs to increase taxes, cut benefits and/or get some other funds together to pay for Social Security. Whether or not Congress will actually follow that advice remains to be seen.
Learn more about how Social Security works with our explainer here.