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What the New Trustees' Report Shows About Social Security
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Jason Furman,
Robert Greenstein,
Center on Budget and Policy Priorities,
3/24/2005
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After that year, the program will be able to pay 74 percent of scheduled benefits, rather than full benefits. Last year’s Trustees’ report projected the program would be able to pay 73 percent of scheduled benefits after the Trust Fund’s revenues are exhausted. Overall, the new trustees report presents projections very similar to those contained in last year’s trustees’ report. The 2005 report is slightly more pessimistic about the next two decades, projecting smaller cash surpluses (or larger cash deficits) than were projected in last year’s report. This is largely because 2004 witnessed lower interest rates and higher inflation than last year’s report projected. As a result, the insolvency date has been moved up one year. But the 2005 report is also slightly more optimistic about the longer-term outlook, projecting smaller cash deficits after 2024 than were projected in last year’s report. As a result, the overall outlook for comparable 75-year periods has improved slightly.
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Link to Report
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Price: Free
Ordering Information:
Center on Budget and Policy Priorities
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