Skip to main content

Sign up for our newsletter.

Quality journalism. Progressive values. Direct to your inbox.

For Immediate Release

Press Release

The 2021 Trustees Report Shows that Social Security Stands Strong in Times of Crisis

WASHINGTON -

The 2021 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 expanding Social Security is fully affordable.

This year’s report announces that Social Security has an accumulated surplus of approximately $2.9 trillion. It projects that, even if Congress took no action whatsoever, Social Security not only can pay all benefits and associated administrative costs until 2034, it is 89 percent funded for the next quarter century, 83 percent for the next half century, and 80 percent for the next three quarters of a century. At the end of the century, in 2095, Social Security is projected to cost just 5.9 percent of gross domestic product (“GDP”).

Social Security Works has released a fact sheet that puts the report into further context, including the context of the ongoing pandemic.

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

“Today’s report shows that Social Security remains strong and continues to work well, despite the once-in-a-century pandemic. That this year’s projections are so similar to last year’s proves once again that our Social Security system is built to withstand times of crisis, providing a source of certainty in uncertain times.

We don’t have a Social Security crisis, but we do have a retirement income crisis — made worse by the pandemic, which, among other economic impacts, forced millions of workers to retire earlier than planned. The solution is to expand Social Security, as President Joe Biden has promised to do.

Democrats are united in support of expanding Social Security while also restoring it to long-range balance. They should make this their next policy priority as soon as the reconciliation package is finished. In contrast, Republicans support cutting Social Security behind closed doors and have even threatened to take our nation’s full faith and credit hostage in order to do so. That is the real threat to Social Security.

Today’s Trustees Reports make clear that the question of whether to expand or cut Social Security and Medicare’s modest benefits is a question of values and choice, not affordability. Every Senator and Representative should have to vote, before the next election, on legislation that expands these vital benefits while requiring the wealthiest to start paying their fair share.”

###

Social Security Works' mission 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.

Warren Opens Probe Into 'Shocking and Horrific' Impacts of GOP Abortion Bans

"Let's be clear: Republican politicians are risking women's lives and health in pursuit of a dangerous, out-of-touch agenda."

Jake Johnson ·


Store Walkout Over Firing of Starbucks Union Organizer Racks Up 20 Million Views on TikTok

"Starbucks continues its rampant firing of union leaders."

Jake Johnson ·


70% of Americans Support Deciding State Abortion Rights by Ballot Measure: Poll

After an "enormous victory" in Kansas, some progressives argue that ballot measures "are the next frontier" for protecting access to reproductive healthcare.

Jessica Corbett ·


Judge Rules Walgreens 'Substantially Contributed' to San Francisco Opioid Crisis

"Walgreens knew its system to detect and stop suspicious orders was nonexistent but continued to ship opioids at an alarming pace to increase profits," said an attorney for the California city.

Brett Wilkins ·


Historic Climate Bill, Say Clear-Eyed Critics, Still 'Pours Gasoline on the Flames'

"This was a backdoor take-it-or-leave-it deal between a coal baron and Democratic leaders in which any opposition from lawmakers or frontline communities was quashed," said one activist.

Jessica Corbett ·

Common Dreams Logo