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By making gradual changes to federal spending and revenue, lawmakers can not only stabilize our fiscal outlook, but provide long-run economic benefits for American families (in terms of real GNP growth) without inflicting undue damage on the U.S. economy in the near term.
As the large baby boom generation enters retirement and Americans continue to enjoy longer lifespans, more and more individuals will collect benefits from the system and for longer periods, while relatively fewer workers will contribute taxes to support it.
On our current path, CBO projects that deficits will reach $1.0 trillion by 2022 and total $10.1 trillion over the next ten years.
The combined Social Security trust funds are projected to be fully depleted by 2034 — just 18 years from now.
The Social Security Trustees's 2011 financial report warns that Social Security is in a weakened financial position in the short run and in an unsustainable condition in the long run.