Cbo S 2010 Long Term Projections For Social Security

"This Congressional Budget Office (CBO) publication provides additional information about long-term projections of the Social Security program's finances that were included in The long-term budget outlook (June 2010, revised August 2010) and in Social security policy (July 2010). Those projections, which cover the 75-year period spanning 2010 to 2084, and the additional information presented in this document update projections CBO prepared last year and reported in CBO's Long-term projections for social security : 2009 update."--Pref.

Updates the Cong. Budget Office¿s (CBO) previously published long-term projections of the Social Security (SS) program¿s finances, which cover the 75-year period spanning 2009-2083. Contents: (1) Finances of the SS Program: Projected Outlays and Revenues over the Next 75 Years; Uncertainty of Projections of SS¿s Finances; Outlays and Revenues; Trust Fund Ratio; (2) The Dist¿n. of SS Taxes and Benefits: 1st-Yr. Benefits; 1st-Yr. Replacement Rates; Lifetime Benefits; Lifetime Payroll Taxes and Lifetime Benefits for Workers, Dependents, and Survivors; (3) Demographic and Econ. Assumptions Used in CBO¿s Analysis: Assumptions about Interest, Inflation, and Unemploy. for 2020 and Later; Assumptions Underlying Projections of GDP and Earn.

Covers the 75-year period of Social Security (SS) spanning 2009 to 2083. Contents: (1) Finances of the SS Program: Projected Outlays and Revenues Over the Next 75 Years; Uncertainty of Projections of SS¿s Finances; Outlays and Revenues; Trust Fund Ratio; (2) Dist. of SS Taxes and Benefits: First-Year Benefits; First-Year Replacement Rates; Lifetime Benefits; Lifetime Payroll Taxes and Lifetime Benefits for Workers, Dependents, and Survivors; (3) Demographic and Econ. Assumptions: Interest, Inflation, and Unemploy. for 2020 and Later; Assumptions Underlying Projections of GDP and Earnings. Append.: Changes in Long-Term SS Projections Since 8/08; Differences Between Long-Term SS Projections and Those of the SS Trustees. Illus.

Presents projections of federal spending and revenues over the coming decades. Under current law, an aging population and rapidly rising health care costs will sharply increase federal spending for health care programs and Social Security. If revenues remained at their historical average share of gross domestic product (GDP), such spending growth would cause federal debt to grow to unsustainable levels. If policymakers are to put the federal government on a sustainable budgetary path, they will need to increase revenues substantially as a percentage of GDP, decrease spending significantly from projected levels, or adopt some combination of those two approaches. Charts and tables. This is a print on demand report.

This report examines some of the pressures on the federal budget that are likely to develop over the next 75 years. It is based on a 10-year baseline projections of July 2000. This document contains no recommendations. Graphs and tables.