WASHINGTON, D.C. — Today, Joint Economic Committee Vice Chairman David Schweikert issued the following statement after the Social Security Administration released the 2024 Trustees Report, projecting that the Old-Age and Survivors Insurance (OASI) Trust Fund will become insolvent by 2033 and sounding the alarm for millions of Americans and their families who depend on these entitlement programs.  

“The Social Security Trustees Report confirms that it’s no longer just future generations who should be concerned about receiving their full earned benefits but rather current retirees too,” said Vice Chairman Schweikert. “As our nation’s fiscal health continues to deteriorate, Congress refuses to live up to its moral obligation to protect and modernize Social Security and Medicare. It’s past time for the political class to put aside their talking points and start working on bipartisan solutions to save these programs for our seniors. I implore my brothers and sisters to take our fiscal responsibility seriously before it’s too late.”

Key findings and projections from the 2024 Social Security and Medicare Trustees Reports:

• The Old-Age and Survivors Insurance (OASI) Trust Fund is projected to become exhausted by 2033.
• Once the OASI Trust Fund goes insolvent, all beneficiaries will face an across-the-board 21% cut to retirement benefits.
• The Disability Insurance (DI) Trust Fund will be able to keep paying full benefits through at least 2098.
• The combined OASI and DI Trust Funds will become depleted by 2035.
• Once the combined OASDI trust funds go insolvent, all beneficiaries will face an across-the-board 17% cut to retirement benefits.
• The Hospital Insurance (HI) Trust Fund will become insolvent by 2036. At that point, the HI Trust Fund will only be able to cover 89% of total benefits.
• The combined Social Security programs will run a cash-flow deficit of $169 billion this year and $2.7 trillion over the next decade.

The full 2024 OASDI Trustees Report can be found here.