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.
Sep 2013 - Federal debt would grow to 100 percent of GDP by 2038 under current law, CBO projects, and would be on an upward path relative to the size of the economy—a trend that could not be sustained indefinitely.
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.
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.
Jan 2012 - This issue brief reviews how ages of eligibility affect beneficiaries under current law and how delaying eligibility would affect beneficiaries, the federal budget, and the economy.
Aug 2011 - CBO's first infographic summarizes some of the agency's most recent projections for Social Security and provides background information on the program.
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.
Fiscal Policy Effects in a Heterogeneous-Agent Overlapping-Generations Economy With an Aging Population: Working Paper 2013-07working paperDecember 6, 2013
- blog postDecember 6, 2013
- presentationDecember 3, 2013
- reportNovember 13, 2013
- reportNovember 7, 2013
- reportSeptember 26, 2013
- presentationSeptember 23, 2013
- blog postSeptember 20, 2013
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