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1. Congressional budget office social security report full#
2. Congressional budget office social security report plus#
3. Congressional budget office social security report series#

The report also showed that these reserves would be approaching exhaustion in 2057, so that full scheduled benefits would not be payable starting shortly thereafter, without further change to the program. 2 However, that report also indicated that well before 2057, program cost would rise above the annual tax income to the program, requiring redemption of trust fund reserves to pay full benefits. This meant that under the intermediate assumptions used in that report, representing the trustees' best estimate of future experience at that time, program financing was expected to be sufficient to pay scheduled benefits in full through 2057. The 1983 Trustees Report indicated that the Social Security program was put into "actuarial balance" for the 75-year, long-range projection period. Since the last major amendments to the Social Security program were enacted in 1983, the annual reports have presented a succession of developments in the actual experience of the economy and the program benefits that show a need for more change to address the future challenges we face. Although legislative changes may sometimes appear to be decided at the last minute before a crisis, the long advance warning of financial challenges provided by the trustees in the annual reports has always promoted broad consideration of options for change that allow any eventual modification of the law to be based on sound analysis and consideration of a comprehensive view of possible changes and their effects. The longer-term analysis of the actuarial status of the Social Security trust funds provides the Congress with an essential early warning of future challenges and provides the time to make desired changes in a careful and thoughtful manner. The actuarial status of the program is intended to provide an early warning of any potential longer-term financial issues or challenges that will be facing the program. The recent financial operations and the operations projected for the next few years are a finger on the pulse of the program. The Social Security Act requires that the annual report include (1) the financial operations of the trust funds in the most recent past year, (2) the expected financial operations of the trust funds over the next 5 years, and (3) an analysis of the actuarial status of the program.

Congressional budget office social security report plus#

The board has six members, including the Secretary of the Treasury as the managing trustee, the Secretary of Labor, the Secretary of Health and Human Services, and the Commissioner of Social Security, plus two public trustees appointed by the president and confirmed by the senate. Annual Reports by the TrusteesĮach year, starting in 1941, the Social Security Board of Trustees has presented a required report on the financial status of the program to the Congress. What is virtually certain is that the benefits that almost all Americans become entitled to and most depend on will be continued into the future with modifications deemed appropriate by their elected representatives in the Congress. The future is uncertain in many respects, and based on new information, projections of the financial status of the Social Security program vary somewhat over time. This article describes the financial status of the Social Security program, including an analysis of the concepts of solvency and sustainability and the relationship of Social Security to the overall federal unified budget. Further modifications of the program are a certainty as the Congress continues to evolve and shape this program, reflecting the desires of each new generation. The program now provides benefits to over 50 million people and is financed with the payroll taxes from over 150 million workers and their employers. Social Security provides a basic level of monthly income to workers and their families after the workers have reached old age, become disabled, or died.

Congressional budget office social security report series#

Since the inception of the Social Security program in 1935, scheduled benefits have always been paid on a timely basis through a series of modifications in the law that will continue. The Social Security Board of Trustees project that changes equivalent to an immediate reduction in benefits of about 13 percent, or an immediate increase in the combined payroll tax rate from 12.4 percent to 14.4 percent, or some combination of these changes, would be sufficient to allow full payment of the scheduled benefits for the next 75 years. Thus, the Congress will need to make changes to the scheduled benefits and revenue sources for the program in the future. 1 At the point where the reserves are used up, continuing taxes are expected to be enough to pay 76 percent of scheduled benefits. Old-Age, Survivors, and Disability InsuranceĪs a result of changes to Social Security enacted in 1983, benefits are now expected to be payable in full on a timely basis until 2037, when the trust fund reserves are projected to become exhausted.