Social Security Policy Options, 2015

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By Charles Pineles-Marks (au); Keith Hall (ad)
Year: 2015
Pages: 98
Binding Paperback
ISBN 978-1-4578-7157-3

Product Code: 1457871572

Description

Social Security, the largest single program in the federal governmentäó»s budget, currently has about 60 million beneficiaries. Outlays for Social Security totaled $888 billion in FY 2015, nearly one-quarter of all federal spending. Social Securityäó»s funding mechanism of dedicated revenues sets it apart from many other government programs. In 2010, for the first time since the enactment of the Social Security Amendments of 1983, annual outlays for the program exceed annual revenues (excluding interest) credited to its combined trust funds. A gap between these amounts has persisted, and in FY 2015 outlays exceed tax revenues by almost 9%. As more baby-boomers retire over the next 10 years, the gap is projected to widen. If current laws governing Social Security stay the same and if all benefits are paid in full, outlays for the Social Security program will exceed non-interest revenues by almost 30% in 2025 and by more than 40% in 2040. Figures and tables. This is a print on demand report.

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