Financial Status
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What the 2009 Trustees’ Report Shows About Social Security
May 18, 2009
On May 12, the Social Security Board of Trustees issued the 69th annual report on the program’s financial and actuarial status.[1] The trustees’ report shows some deterioration in the program’s long-run outlook, a finding that was widely expected. Nevertheless, the report does not depict a … -
Podcast: The 2009 Social Security and Medicare Trustees' Reports
May 12, 2009
The Social Security and Medicare Trustees' report on Medicare underscores the urgency of health care reforms to slow health care cost growth, starting with President Obama’s proposed Medicare reforms. The Trustees’ report shows Social Security doesn’t face an immediate crisis but does require changes, and the sooner they’re made, the better.
Duration 14:58
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Statement: Robert Greenstein on Trustees’ Social Security Report
May 12, 2009
The trustees’ report on Social Security shows that the program does not face an immediate crisis and isn’t at risk of collapsing and lacking funds to pay any benefits, even in the long run, but that Congress needs to restore Social Security’s long-term solvency so it can meet its … -
Social Security Does Not Face a Near-Term “Reckoning”
April 21, 2009
In recent weeks, several analysts, journalists, and legislators have sounded an alarm about the effect of the current recession on Social Security's near-term prospects, which has fostered an impression that the program may face serious problems in the next few years. Fortunately, this is not … -
Immigration and Social Security
November 20, 2008
Increases in immigration tend to improve the financial status of the Social Security program by a modest amount. Estimates by both the Congressional Budget Office (CBO) and the Social Security actuaries belie contentions that legalizing some undocumented immigrants, or increasing immigration in general, would impair the solvency of … -
Trustees Reports Show Social Security Shortfall Manageable, Medicare's Problems More Daunting
Revised April 2, 2008
The annual reports of the Social Security and Medicare trustees project the financial status of these two programs for the next 75 years. The new reports confirm that policymakers will need to take action to keep Social Security and Medicare on a sound financial footing. In evaluating the new reports, the reader should keep several … -
Long-Term Social Security Shortfall Smaller Than Cost of Extending Tax Cuts for Top 1 Percent
March 31, 2008
The Social Security trustees’ report issued this week estimates that Social Security faces a total shortfall over the next 75 years of 0.56 percent of Gross Domestic Product (GDP). This is slightly less than the estimated cost over that same period of extending the 2001 and 2003 tax cuts just for the top 1 percent of … -
What the 2008 Trustees’ Report Shows About Social Security
March 27, 2008
Executive Summary On March 25, the Social Security Board of Trustees released the 68th annual report on the program’s financial and actuarial status. The report projects that Social Security’s trust fund reserves will be exhausted in 2041, the same as projected last year. In 2041, Social Security will be … -
Statement By Robert Greenstein Executive Director On The New Reports From The Social Security And Medicare Trustees
March 25, 2008
Today’s reports demonstrate again that policymakers will need to take action to shore up Social Security and Medicare finances, with the challenge being more modest in Social Security and more daunting in Medicare. Social Security The reports show that Social Security will be able to pay full benefits until 2041 and to pay 75 … -
What the 2007 Trustees' Report Shows about Social Security
April 24, 2007
Executive Summary On April 23, the Social Security Board of Trustees released the 67th annual report on the program’s financial and actuarial status. The report projects that Social Security’s trust fund reserves will be exhausted in 2041, one year later than in last year’s projection. In 2041, Social Security will be … -
A Brief Analysis of the Social Security and Medicare Trustees’ Report
April 23, 2007
The new Trustees’ report shows that action will need to be taken to shore up Social Security’s and Medicare’s finances. In evaluating the new report, several points should be kept in mind. The most serious financing problems are in Medicare. They primarily stem not from the nature of the Medicare program … -
Statement by Robert Greenstein on the New Report from the Medicare Trustees
April 23, 2007
Today’s report shows why it is so important for Congress to stand up to the health insurance companies and eliminate the large overpayments Medicare is making to private health insurance companies. Those overpayments, which the insurance companies have launched a … -
There Is No General “Entitlement Crisis”
January 29, 2007
As is well known, the United States will face grave budget challenges in coming decades. In a new set of federal budget projections through 2050, we find that if current policies remain unchanged, federal expenditures will increase substantially as a share of the economy and revenues will fall short of covering expenditures by increasing amounts, leading to exploding … -
Statement of Robert Greenstein, Regarding The Social Security and Medicare Trustees’ Report
May 1, 2006
Today’s report is another reminder of the serious long-term fiscal challenges the nation faces. Overall federal budget deficits will swell as the baby boom generation retires, medical costs continue their rapid ascent, and the growth of the U.S. workforce slows as a result of the aging … -
What the 2006 Trustees' Report Shows about Social Security
May 1, 2006
On May 1, the Social Security Board of Trustees released the 66th annual report on the program’s financial and actuarial status. The report projects that Social Security’s trust fund reserves will be exhausted in 2040, one year earlier than last year’s projection. After that year, Social Security will be able to pay 74 percent of scheduled benefits, rather than full benefits. … -
Will The Administration Claim the Cost of Fixing Social Security Rose $700 Billion Because Congress Did Not Act Last Year?
Revised May 1, 2006
President Bush and other Administration officials often claim that delaying action on Social Security by “...just one year adds $600 billion [or $700 billion] to the cost of fixing Social Security.”[1] Such claims may be repeated on May 1 when the Social Security Trustees release their annual report on the program’s finances. Such claims, however, are not accurate. The figures used in … -
Be Careful To Read The Fine Print When Supporters Claim Their Social Security Plans Restore Sustainable Solvency
June 6, 2005
The Social Security Administration’s Office of the Chief Actuary has certified that at least 11 proposals restore “sustainable solvency” to Social Security.[1] The certification of “sustainable solvency” does not mean, however, that a plan is sound. The actuaries are responsible for scoring … -
Administration Expected to Propose New Budget Rule That Could Adversely Affect Social Security, Medicare, SSI, Veterans’ Disability, and Other Programs
Revised February 2, 2005
Overview The Administration’s forthcoming budget is likely to propose a new budget rule that would affect Social Security, Medicare, veterans’ disability compensation, the Supplemental Security Income program for the elderly and disabled poor, health and retirement programs for federal civilian and military … -
The Administration’s Misleading $600 Billion Estimate of the Cost of Waiting to Act On Social Security
Revised February 2, 2005
President Bush recently claimed that delaying action on Social Security by “...just one year adds $600 billion to the cost of fixing Social Security.” [1] Other Administration officials have used the same figure. But this figure is highly misleading. The AmericanAcademy of Actuaries has specifically warned … -
Does Social Security Face a Crisis in 2018?
Revised January 11, 2005
A recently leaked White House memo indicates that the first phase of the Administration’s strategy to sell individual accounts will be to convince Americans that the Social Security system is “heading for an iceberg.” [1] The President frequently cites 2018 as the beginning of a Social Security crisis that, he says, will … -
Would Borrowing $2 Trillion for Individual Accounts Eliminate $10 Trillion in Social Security Liabilities?
December 13, 2004
Administration officials have been downplaying the significance of the $2 trillion in transition costs required by some individual accounts plans, by comparing that cost to the unfunded liability in Social Security over an infinite time horizon, which totals more than $10 trillion. For example, White House Press Secretary Scott …
