Statement on Social Security Trustees Report: Just-Released Report Confirms that Expanding Social Security is Fully Affordable

FOR IMMEDIATE RELEASE:

Wednesday, July 22, 2015

Statement on 2015 Social Security Trustees Report:

Just-Released Report Confirms that Expanding Social Security is Fully Affordable

(Washington, DC) — Social Security has a large and growing surplus, according to the 2015 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds, released today. This year’s report projects that in 2015 Social Security will run an annual surplus of roughly $9.2 billion, bringing the accumulated surplus to about roughly $2.8 trillion by the end of the year.   It projects that, even if Congress took no action whatsoever, there is sufficient revenue to pay for all benefits and associated administrative costs until 2034, and 79 percent of those costs thereafter.  It does continue to project that Congress must take the routine step of rebalancing Social Security’s two trust funds before 2016, or beneficiaries receiving Disability Insurance benefits will see those benefits cut automatically and precipitously.  It once again shows that Social Security is fully affordable.  In 2035, Social Security will cost just 6 percent of GDP, and at the end of the century, in 2090, just 6.2 percent.

The following is a statement from the President of Social Security Works and the Chair of the Strengthen Social Security Coalition:

This year marks the 80th anniversary of Social Security.  I see no better way to celebrate that milestone than by expanding its modest benefits.  The 2015 Trustees Report shows that the current program is fully affordable.  Indeed, the United States can fully afford an expanded Social Security. 

Social Security is a solution to our looming retirement income crisis, the increasing economic squeeze on middle class families, and the perilous and growing income and wealth inequality. In light of these challenges and Social Security’s important role in addressing them, the right question is not how can we afford to expand Social Security, but, rather, how can we afford not to expand it.

-Nancy Altman, President of Social Security Works and Chair of the Strengthen Social Security Coalition

For Nancy’s full reaction to the trustees report, read her blog post on the topic: http://www.huffingtonpost.com/nancy-altman/2015-trustees-report-conf_b_7850206.html

Full Media Backgrounder: http://www.socialsecurityworks.org/wp-content/uploads/2015/07/2015-TR-backgrounder-FINAL_BV.pdf