Social Security’s Rising Shortfall

Social Security’s shortfall has more than tripled since 2010. Filling the gap with revenue would require a 3.4 percentage point increase in the payroll tax, which would mean thousands of dollars in additional taxes each year for middle-class households. Congressional failure to address the unsustainable growth in spending means that Social Security solvency becomes much harder to reach with each passing year.

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Updated May 16, 2023

Source: Social Security Administration

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