This article appeared online at TheNewAmerican.com on Friday, October 27, 2017:
The Monthly Treasury Statement issued on Wednesday from the Social Security Administration showed that total spending for the three social welfare programs administered by the agency — the Old Age and Survivors Insurance program, the Disability Insurance program and the Supplemental Security Income program — topped $1 trillion for the first time in history in 2017.
The program first hit $600 billion in spending in 1997, and it took nine years to hit the next benchmark, $700 billion. From there it took between three and four years to hit subsequent $100 billion spending benchmarks. Accordingly, the agency estimates that it will spend $1.6 trillion in 2026. From there it will be just a few short years before all funds are exhausted.
Most sensible observers have been warning for years that the program is in dire jeopardy, with all manner of schemes being proposed to rescue it from oblivion: