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CBO’s 2022 Long-Term Projections for Social Security

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  • Congressional Budget Office

Abstract

In CBO's projections, spending for Social Security increases rapidly in relation to gross domestic product over the next decade as members of the large baby-boom generation retire. That growth then slows as members of that generation die, but spending continues to rise throughout the 75-year projection period because of increases in life expectancy. Unlike outlays, revenues for Social Security remain stable in relation to the size of the economy. If the program’s trust funds were combined, their exhaustion date would be in 2033.

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  • Congressional Budget Office, 2022. "CBO’s 2022 Long-Term Projections for Social Security," Reports 58564, Congressional Budget Office.
    • Handle: RePEc:cbo:report:58564
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    File URL: https://www.cbo.gov/system/files/2022-12/58564-Social-Security.pdf
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    More about this item

    JEL classification:

    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
    • H68 - Public Economics - - National Budget, Deficit, and Debt - - - Forecasts of Budgets, Deficits, and Debt
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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