There will eventually be this problem: "Nevertheless, total trust fund income, including interest income, is more than is necessary to cover costs through 2020, so trust fund assets continue to grow. Beginning in 2021, cost exceeds total income and combined OASI and DI Trust Fund assets diminish until they become exhausted in 2033" (page 10).
Did you get that? Exhausted. That is bureacratese for "bankrupt."
Then what will happen? The Social Security Administration will cut the promised benefits. "After trust fund exhaustion, continuing income is sufficient to support expenditures at a level of 75 percent of program cost for the rest of 2033, declining to 73 percent for 2086" (pages 10-11).
I am in agreement with Gary North when he states: "This means that the promises made to those who paid into the system will be defaulted on. The program will be unable to meet its obligations."
"Very few participants are aware of the enormity and severity of the problems the developed world faces. Those that are aware are frantically trying to come up with the next solution to the debt problems. In our opinion (which hasn't changed since 2008), the only long-term solution is to continue to expand program after program until the only path left is a full restructuring (read: default) of most sovereign debts of the developed nations of the world. . . ."