This week on Facing the Future, we are joined one more time by Dr. Philip Swagel, an economist who is Director of the nonpartisan Congressional Budget Office. The CBO has just released its newest 10 year federal budget and economic outlook. The picture it paints is quite concerning. Deficits are expected to climb to an average of more than $2 trillion per year, and for the first time ever the Social Security trust fund are predicted to go insolvent within that 10-year window.
If Congress does not act to shore up the program, beneficiaries could be facing cuts of more than 20%.