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As the Population Ages, Social Security’s Spending Is Projected to Outpace Its Tax Revenuesblog post
CBO estimates that in fiscal year 2012, spending for Social Security totaled $773 billion, equal to about 5 percent of gross domestic product and one-fifth of federal spending. As more members of the baby-boom generation retire and the U.S. population grows older in the coming decades, Social Security outlays are projected to grow more rapidly than the economy and more rapidly than the program’s dedicated tax revenues.      The 2012 Long-Term Projections for Social Security: Additional Informationreport
Outlays for Social Security totaled a little under $800 billion in fiscal year 2012, equal to about 5 percent of gross domestic product and one-fifth of federal spending. Of the 56 million people who currently receive Social Security benefits, about 70 percent are retired workers or their spouses and children, and another 11 percent are survivors of deceased workers; all of those beneficiaries receive payments through the Old-Age and Survivors Insurance (OASI) component of Social Security. Supplemental Data for CBO's 2012 Long-Term Projections for Social Securitydata or technical information
This file contains data that supplement information presented in CBO’s 2012 Long-Term projections for Social Security: Additional Information (October 2012). |
