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.
Social Security
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2012 Long-Term Projections for Social SecurityOct 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.
Policy Options for the Social Security Disability Insurance ProgramJul 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.
Raising the Ages of Eligibility for Medicare and Social SecurityJan 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.
CBO's 2011 Long-Term Projections for Social Security: InfographicAug 2011 - CBO's first infographic summarizes some of the agency's most recent projections for Social Security and provides background information on the program.
Social Security Policy OptionsJul 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.
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H.R. 807, Full Faith and Credit Act
cost estimateApril 26, 2013Differences Between the Traditional CPI and the Chained CPI
blog postApril 19, 2013How Does Growth in the Cost of Goods and Services for the Elderly Compare to That for the Overall Population?
blog postApril 19, 2013Testimony on Using the Chained CPI to Index Social Security, Other Federal Programs, and the Tax Code for Inflation
reportApril 18, 2013CBO Testifies on Using the Chained CPI to Index Social Security, Other Federal Programs, and the Tax Code for Inflation
blog postApril 18, 2013What Would Be the Effect on the Deficit of Using the Chained CPI to Index Benefit Programs and the Tax Code?
blog postApril 18, 2013CBO Testifies on the Social Security Disability Insurance Program
blog postMarch 14, 2013Testimony on the Social Security Disability Insurance Program
reportMarch 14, 2013
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