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Social Security Deficits Place Large and Growing Strain on Federal Budget

Created on July 29, 2015

Social Security Deficits Place Large and Growing Strain on Federal Budget

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Read the original report, "Social Security: $39 Billion Deficit in 2014, Insolvent by 2035," by Romina Boccia.

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Social Security’s programs are running large and increasing cash-flow deficits, as revenues from the payroll tax and the taxation of benefits are insufficient to cover the total cost of benefits. Because the government is borrowing the money to pay full Social Security benefits, Social Security is already adding to the deficit.

Sources: Congressional Budget Office, “Updated Budget Projections: Fiscal Years 2015–2025,” May 2015, https://www.cbo.gov/ publication/45069 (accessed June 29, 2015), and Social Security Administration, The 2015 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds, July 22, 2015, Tables VI.C4 and VI.C5, http://www.socialsecurity.gov/OACT/ TR/2015/tr2015.pdf (accessed July 22, 2015).

CHART 1 • BG 3043

Tags: Social-Security, OASI, deficits