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Social Security affect us all and dealing with these issues are important to my work in Congress.
In 2012, Social Security accounts for 21% of the total federal budget and is the largest single item in the federal budget. Starting in 2010, Social Security began running a deficit on a cash basis. In the future, the deficits get even larger. By 2085, the Social Security Administration projects a deficit of 1.53% of GDP. In today’s economy, that would be about $230 billion per year.[1] To avoid a reduction in benefits, Social Security taxes would need to be increased by 33% in 2085.[2]
In November 2011, I announced a seven-point Social Security reform proposal. You can learn more about this proposal by clicking on the following links:
- Here's a six-page summary of the proposal including a description of the seven provisions and the proposal’s impact on the federal budget
- Here's a 21-page analysis of the proposal by the Chief Actuary of the Social Security Administration
- Here's the text of the proposed legislation
[1] Calculations based on 2012 Annual Report of Social Security Board of Trustees, table VI.F6 and Office of the Chief Actuary, Social Security Administration, memo dated November 9th, 2011, table 1.
[2] Social Security Administration Trustees Annual Report, 2012, Table IV.B1
Please visit the Social Security Assistance page if you are seeking help from my office on a Social Security related issue.