Social Security is the single largest federal program, with outlays of $808 billion in fiscal year 2013. The program has two parts. The Old-Age and Survivors Insurance program pays benefits to retired workers and to their dependents and survivors, and the Disability Insurance program pays benefits to disabled workers and to their spouses and survivors. Social Security benefits are financed by a payroll tax on current workers, half paid by the worker and half paid by the employer. CBO regularly examines various possible changes to Social Security outlays or receipts.
Jul 2014 - If current laws remained generally unchanged, federal debt held by the public would exceed 100 percent of GDP by 2039 and would be on an upward path relative to the size of the economy—a trend that could not be sustained indefinitely.
Baseline Projections - Apr 2014
Social Security Disability Insurance
Social Security Old-Age and Survivors Insurance
Social Security Trust Fund
Dec 2013 - Spending on the Social Security program will exceed its dedicated tax revenues, on average, by about 12 percent over the next decade, CBO projects. The gap will grow larger in the 2020s and will exceed 30 percent of revenues by 2030.
Nov 2013 - CBO periodically issues a compendium of options—this installment presents more than 100—to inform lawmakers about the budgetary effects of ways to reduce the deficit.
Jul 2012 - The Disability Insurance program provided benefits to 8.3 million disabled workers in 2011. By 2022, CBO projects, the program will provide benefits to over 10 million disabled workers and total spending on benefits to those workers will exceed $190 billion.
Jul 2010 - Annual spending on Social Security payments will regularly exceed the program's tax revenues starting in 2016, if current laws remain in place. This study examines 30 options for policymakers in providing long-term financial stability for Social Security.
- Blog PostJuly 29, 2014
- Data or Technical InformationJuly 25, 2014
What Are the Causes of Projected Growth in Spending for Social Security and Major Health Care Programs?Blog PostJuly 18, 2014
- GraphicJuly 16, 2014
- ReportJuly 16, 2014
- ReportJuly 15, 2014
- ReportJuly 11, 2014
- PresentationMay 15, 2014
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