Social Security expansion ‘fully affordable,’ latest report shows

The following is from Social Security Works:

WASHINGTON D.C. (June 11, 2018) — The 2018 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds, released last week, shows that protecting and expanding Social Security benefits is fully affordable.

This year’s report notes that Social Security has an accumulated surplus of approximately $2.9 trillion. 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 once again shows that Social Security is fully affordable. At its most expensive, in 2095, Social Security is projected to cost just 6.16 percent of gross domestic product (“GDP”).

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

The 2018 Trustees Report shows that the current program is fully affordable. Indeed, the United States can fully afford an expanded Social Security. Poll after poll shows that the American people overwhelmingly support expanding the program’s benefits. Increasingly, political leaders are listening.

Over a dozen Social Security expansion bills have been introduced in the House and Senate just since 2015. The Social Security 2100 Act, introduced by Rep. John Larson (D-CT), has 170 cosponsors in the House of Representatives—around 90 percent of all Democratic representatives. Similarly, around 90 percent of Senate Democrats are on record in favor of expanding, not cutting, 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.

For more information, see the Social Security Works fact sheet on the Social Security Trustees’ Report. The Social Security Trustees Report can be found here.

Social Security Works is comprised of more than 350 national and state organizations representing more than 50 million Americans from many of the nation’s leading aging, labor, disability, women’s, children, consumer, civil rights and equality organizations. Social Security Works – Washington is our state affiliate of the organization.