Social Security Wrestles With $63 Trillion in Unfunded Liabilities

Published on September 4, 2024

Social Security is facing $63 trillion in long-term unfunded liabilities, according to the 2024 Old Age, Survivors, Disability Insurance (OASDI) trustees report. The OASDI report assessed the infinite horizon unfunded obligation and a 75-year projection. The former highlighted a shortfall of $62.8 trillion, and the latter projected a deficit of nearly $23 trillion. Officials say that the summarized deficits reflect annual cash-flow shortfalls in the years following the depletion of trust funds reserves. “The annual shortfalls after trust fund reserve depletion rise slowly and reflect increases in life expectancy,” the report stated. “The summarized shortfalls over the infinite horizon, as percentages of taxable payroll and GDP, are larger than the shortfalls for the 75-year period.”...

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