Social Security's Financial Outlook: the 2012 Update in Perspective
AbstractThe 2012 Trustees Report shows a significant increase in the program's 75 year deficit from 2.22 percent to 2.67 percent of taxable payroll and an advance in the date of trust fund exhaustion from 2036 to 2033. These changes reflect the slow recovery from the recession and rising disability rolls, among other factors. While the deficit is larger and the date of exhaustion nearer, the story remains the same. The program faces a manageable financing shortfall over the next 75 years, which should be addressed soon to restore confidence in the nation's major retirement program and to give people time to adjust to needed changes.
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Bibliographic InfoPaper provided by Center for Retirement Research in its series Issues in Brief with number ib2012-9.
Length: 7 pages
Date of creation: Apr 2012
Date of revision: Apr 2012
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This paper has been announced in the following NEP Reports:
- NEP-AGE-2012-05-08 (Economics of Ageing)
- NEP-ALL-2012-05-08 (All new papers)
- NEP-LAB-2012-05-08 (Labour Economics)
- NEP-PUB-2012-05-08 (Public Finance)
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