For Immediate Release
Linda Benesch, 240-342-4301
The 2018 Social Security Trustees Report Confirms that Expanding Social Security is Fully Affordable
WASHINGTON - The 2018 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds, released today, 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 astatementfrom 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 pollshows that the American people overwhelmingly support expanding the program’s benefits. Increasingly, political leaders are listening.
SCROLL TO CONTINUE WITH CONTENT
Never Miss a Beat.
Get our best delivered to your inbox.
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.
The Social SecurityTrusteesReportcan be found here.
This is the world we live in. This is the world we cover.
Because of people like you, another world is possible. There are many battles to be won, but we will battle them together—all of us. Common Dreams is not your normal news outlet. We don't survive on clicks. We don't want advertising dollars. We want the world to be a better place. But we can't do it alone. It doesn't work that way. We need you. If you can help today—because every gift of every size matters—please do. Without Your Support We Won't Exist.
Please select a donation method:
The mission of Social Security Works is to: Protect and improve the economic security of disadvantaged and at-risk populations; Safeguard the economic security of those dependent, now or in the future, on Social Security; and Maintain Social Security as a vehicle of social justice.