File:OASDI Income and Cost Rates Under Intermediate Assumption.png

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Summary

Description
English: OASDI INcome and Cost Rates Under Intermed Assumption

Explanations

See discussion page for additional explanation. Social Security reform proposals continue to circulate with some urgency, due to long-term funding challenges regarding the program and the overall financial circumstances of the federal government. While the nuances of the Social Security program are complex and subject to actuarial estimation, there are certain key points to understand under current law, even if no reforms are implemented:[1]

  • Payments are forecast to be cut to 76% of their scheduled amounts in 2037. This declines to 74% by 2081. Social Security will be there, but without reform at these reduced amounts.
  • Social Security is a mandatory program, funded by a dedicated payroll tax, which legally must be used first to pay Social Security obligations.
  • Between 2016 and 2037, a total of $3.7 trillion of government revenue from sources other than payroll taxes must be diverted to pay retirees. This sum represents the Social Security Trust Fund, amounts the government has borrowed from payroll tax surpluses and spent over the years for other purposes. This is a funding challenge for the government overall, not just Social Security.

References

  1. ↑ 2009 Trustees Report
Date
Source http://www.socialsecurity.gov/OACT/TR/TR08/tr08.pdf Social Security Trustees Report 2008
Author Social Security Trustees

Licensing

Public domain
This image is a work of the Social Security Administration (SSA), taken or made as part of an employee's official duties. As a work of the U.S. federal government, the image is in the public domain in the United States.


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Date/Time Dimensions User Comment
2009-05-16 22:28 960×720× (104101 bytes) Farcaster
2008-06-14 03:57 960×720× (115397 bytes) Farcaster {{Information |Description=OASDI INcome and Cost Rates Under Intermed Assumption |Source=Social Security Trustees Report 2008 |Date=June 2008 |Author=Social Security Trustees |Permission=

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current02:46, 31 March 2016Thumbnail for version as of 02:46, 31 March 2016960 × 720 (102 KB)OgreBot(BOT): Reverting to most recent version before archival
02:46, 31 March 2016Thumbnail for version as of 02:46, 31 March 2016960 × 720 (113 KB)OgreBot(BOT): Uploading old version of file from en.wikipedia; originally uploaded on 2008-06-14 03:57:54 by Farcaster
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