Social Security: Summary of Program Solvency and Projections (CRS Report for Congress)
| Release Date |
Revised Jan. 30, 2007 |
| Report Number |
RS22139 |
| Report Type |
Report |
| Authors |
Gary Sidor, Knowledge Services Group |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Summary:
On May 1, 2006, the Social Security Board of Trustees released its annual reportto Congress on the status of the Social Security trust funds. The Social Security trustfunds, under the latest forecast, continue to face long-range financing problems. On acombined basis, the Old-Age, Survivors, and Disability Insurance (OASDI) trust fundsare projected to be depleted in 2040 (which is one year earlier than the projection fromthe 2005 report). At that point, annual tax revenue would cover only 74% of programcosts. Over the full 75-year projection period, the trust funds are projected to have anactuarial deficit equal to 2.02% of taxable payroll (compared to 1.92% in last year'sreport), and program expenditures are projected to exceed income by an average of 15%.
