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Social Security

Social Security is the single largest federal program, with outlays of $768 billion in fiscal year 2012. 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.

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  • The 2012 Long-Term Budget Outlook

    June 05, 2012

  • The 2012 Long-Term Budget Outlook: Infographic

    June 05, 2012
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Testimony on the 2012 Long-Term Budget Outlook

report

June 6, 2012


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  • The 2012 Long-Term Budget Outlook: Infographic

    June 05, 2012
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The 2012 Long-Term Budget Outlook

report

June 5, 2012

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monthly archive

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  • November 2012 (10)
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CBO Releases the 2012 Long-Term Budget Outlook

blog post

June 5, 2012


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H.R. 4970, Violence Against Women Reauthorization Act of 2012

cost estimate

May 11, 2012

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Social Security Disability Insurance - March 2012 Baseline

data or technical information

March 13, 2012

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Social Security Old-Age and Survivors Insurance - March 2012 Baseline

data or technical information

March 13, 2012

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Social Security Old-Age, Survivors, and DI Trust Funds - March 2012 Baseline

data or technical information

March 13, 2012

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The Earned Income Tax Credit and Expected Social Security Retirement Benefits Among Low-Income Women: Working Paper 2012-6

working paper

March 5, 2012

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Abstract

Expansions in the Earned Income Tax Credit (EITC) are associated with increases in formal employment and increases in long-term year-over-year growth in earnings for single mothers. In this study, we examine whether expansions in the EITC are likely to lead to increases in Social Security retirement benefits for less-educated women (those likely to be affected by the EITC) by increasing their employment and earnings when young.

The increases in benefits could occur through two channels: First, as the EITC pulls additional less-educated women into market work, those women may accrue more quarters of employment and thus be more likely to qualify for Social Security retirement benefits. Second, to the extent that the EITC leads to increased earnings growth, less-educated women may qualify for higher benefits.

We rely on administrative earnings data from the Social Security Administration and existing estimates of the effect of the EITC on employment and earnings growth to simulate the impact of an EITC expansion on the future Social Security retirement benefits of less-educated women. The results of this simulation suggest that the EITC leads to an increase in the share of less-educated women that will be eligible for Social Security retirement benefits and leads to an increase in their monthly benefit amount. Thus, the existence of the EITC contributes to the financial security of affected women as they age and retire.


2012 Long-Term Projections for Social Security

Oct 2012 - Over the next 20 years, the population will age and spending on Social Security will increase from about 5 percent of GDP to about 6 percent.

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Social Security Disability Insurance—January 2012 Baseline

data or technical information

January 31, 2012

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