Tag: 75 year deficit
![Man touching a choice concept](https://crr.bc.edu/wp-content/uploads/2024/07/Man-touching-a-choice-concept-1536x1017.jpeg)
We know what we are dealing with, and can take steps to address it. The key metric used to summarize Social Security’s financial status is the 75-year deficit. This number is the present discounted value of scheduled taxes (plus the existing trust fund) minus the present discounted value of scheduled benefits divided by the present…
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This program has demonstrated its worth in tumultuous times. The 2022 Social Security Trustees Report, which was prepared in February when the outlook for the economy looked less uncertain, shows a slight decrease in the program’s 75-year deficit from 3.54% to 3.42% of taxable payroll (see Figure 1). The depletion date for the trust fund bounced…