“When I’m president, privatization is off the table because it’s not the answer to anything.”
It’s so assuring to know that Hillary Clinton feels it’s best to do nothing and let Social Security take care of itself. And as CNN Money explains, it will put itself out of its own misery post haste.
Based on revised assumptions, the trustees now estimate that by 2041 the system’s trust fund will be exhausted, meaning the system will only be able to pay out a percentage of the benefits currently promised. In this case, the trustees estimate the system will be able to pay out 74 percent of benefits.
In their 2004 report, the trustees estimated the trust fund would be exhausted in 2042.
They also now estimate that by 2017 the system will not be taking in enough in payroll taxes to pay all benefits promised and will need to tap the special-issue bonds that make up its trust fund. That date was moved up from 2018.
The amount of the shortfall facing the system over the next 75 years was revised upward to $4 trillion from $3.7 trillion.