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By 2050, the US will be very different than it is today. Adults aged 65 and over will outnumber children under the age of 18, and our population will be much more racially and ethnically diverse, the young much more so than the old. With those changing demographics as a backdrop, the US 2050 project examines the socioeconomic developments and fiscal choices we make today that will determine standards of living decades from now.
The report projects that in 2018 — for the first time since 1982 — the program’s total costs will exceed its total income.
What will America look like at mid-century? US 2050 will examine and analyze the multiple demographic, socioeconomic, and fiscal trends that will shape the nation in the decades ahead.
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.
Policymakers should work together to stabilize and strengthen this important program for generations to come.
The combined Old Age and Survivors’ Insurance and Disability Insurance Trust Funds, commonly referred to as the “Social Security Trust Funds,” will be fully depleted by 2033.