On April 22nd (2020), the Social Security Board of Trustees published their annual report on the financial state of the Social Security programs in the US.
This year, the Board of Trustees reports that the unfunded liabilities of the Social Security and Disability Insurance programs rose $2.9 trillion to $16.8 trillion, a 20.8% increase over last year. By comparison, the GDP of the United States came in at $20.5 trillion in 2018.
Keeping Social Security solvent for the next 75 years would require either a 3.14 percentage point increase in the payroll tax to 15.54% or a 19% curtailment of benefits to both current and future beneficiaries for the 75 year period, or some combination of the two measures, according to the Board of Trustees.
Based on current assumptions, the OASI (Social Security) and DI (Disability Insurance) will only be able to pay out 79% of scheduled benefits from 2035 onward.
This is one primary source that merits much more serious attention from the electorate – and by extension from politicians as well.
Link to the source: https://www.ssa.gov/oact/TR/2020/tr2020.pdf