Social Security spending is headed for an unprecedented shortfall. According to a report on the CNBC website, the Social Security Administration has projected “that unfunded obligations will reach $11.4 trillion by 2090.” This is an increase of $700 billion over previous projections.
Unfortunately, that’s not even the worst estimate for future unfunded mandates like Social Security. In another projection cited in the same article, by the year 2090, the U.S. is looking at unfunded obligations to the tune of $32.1 Trillion. To give you a sense of scale, according to Statista, in 2015, the Gross Domestic Product for the United States was 17.95 trillion in U.S. Dollars. Assuming GDP conditions remain the same in 2090 as they are now, Social Security alone will cost more than twice the dollar value of all services and goods produced in the U.S. in one year.