from Birch Gold Group:

From Peter Reagan at Birch Gold Group

We’ve been reporting on the likelihood that Social Security will suffer from a series of setbacks in the 2030s for quite some time.

Now, the Social Security Trustees are beginning to confirm the fears we’ve expressed since 2019. In this year’s report, they summarized the main problem:

Social Security and Medicare both face long-term financing shortfalls under currently scheduled benefits and financing. Costs of both programs will grow faster than gross domestic product (GDP) through the mid-2030s primarily due to the rapid aging of the U.S. population. Medicare costs will continue to grow faster than GDP through the late 2070s due to projected increases in the volume and intensity of services provided. [emphasis added]