Social Security’s main programs, the Old-Age and Survivors Insurance and Disability Insurance programs (OASDI), have been expanded to include more beneficiaries. As American society has continued aging, the number of covered workers per OASDI beneficiary has steadily fallen. OASDI is facing persistent deficits and must be reformed before it becomes insolvent in 2034.
Updated December 7, 2021
Source: Social Security Administration
In 2023, individual income taxes comprised 48 percent of all federal revenues. This is followed by payroll taxes, which provided 35 percent of all revenues.
Updated August 31, 2023
Source: Congressional Budget Office
Social Security runs consecutive and permanent cash-flow deficits. Without program reforms, this gap between what the Treasury is collecting in payroll and Social Security income taxes and what is needed to pay benefits will grow several times over despite strong tax revenue increases.
Updated July 19, 2024
Source: Social Security Administration
Excessive government spending, especially on autopilot (mandatory) programs, will continue to increase budget deficits if left unchecked. By 2054, the federal budget deficit is projected to be 9.1 percent of GDP. That is over three times the 50-year average, and would represent one-ninth of the economy. Lawmakers must cut spending and pursue structural budget reforms to control these deficits.
Updated February 8, 2024
Source: Congressional Budget Office
Spending on Social Security already exceeds $1 trillion annually, as spending on both Disability Insurance (DI) and Old-Age and Survivors Insurance benefits (OASI) continues growing.
Source: Social Security Administration
