learn more about working at cbo and check out the agency’s career opportunities
cost estimate
May 11, 2012
read complete document (pdf, 37 kb)
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.
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.