POLI 2301 Chapter 2: Readings 2-24-2016 Social Security
20 Jun 2016
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Document Summary
Social security: social security and medicare together accounted for 42 percent of federal program ex- Social security"s total expenditures have exceeded non-interest income of its combined trust funds since 2010. Interest income and redemption of trust fund assets from the general fund of the trea- sury, will provide the resources needed to offset social security"s annual aggregate cash-flow deficits until 2034. Thereafter, tax income is projected to be sufficient to pay about three-quarters of scheduled benefits through the end of the projection period in 2089. The projected 75-year actuarial deficit for the combined old-age and survivors. Insurance and disability insurance (oasdi) trust funds is 2. 68 percent of taxable payroll, down from 2. 88 percent projected in last year"s report. This deficit amounts to 20 percent of program non-interest income or 16 percent of program cost. Medicare: trust fund will be depleted in 2030, the same year projected in last year"s report.
