The 2022 Trustees Report Shows that Protecting and Expanding Social Security is Fully Affordable

The 2022 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 $2.85 trillion. It projects that, even if Congress took no action whatsoever, Social Security not only can pay all benefits and associated administrative costs until 2035, it is 90 percent funded for the next quarter century, 84 percent for the next half century, and 81 percent for the next three quarters of a century.

At the end of the century, in 2095, Social Security is projected to cost just 5.86 percent of gross domestic product ("GDP"), less than most other wealthy countries spend on their counterpart programs.

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

The following is a statement on the report from Alex Lawson, Executive Director of Social Security Works:

"Today's report shows that our Social Security system remains strong. Protecting and expanding benefits is a question of values, not affordability. That this year's projections are even stronger than last year's proves once again that Social Security is built to withstand times of crisis, including pandemics.

We don't have a Social Security crisis, but we do have a retirement income crisis. With prices rising, seniors and people with disabilities are struggling to afford food and medicine. The solution is to expand Social Security.

Democrats are united in support of expanding Social Security. In the House of Representatives, Social Security 2100: A Sacred Trust has over 200 co-sponsors. The Congressional Asian Pacific American Caucus (CAPAC), Congressional Black Caucus (CBC), Congressional Hispanic Caucus (CHC), Task Force on Aging and Families, and the Congressional Progressive Caucus have all called on Speaker Nancy Pelosi (D-CA) to bring the bill to the House floor for a vote.

In contrast, Republicans want to reach into our pockets and steal our money. Senator Rick Scott (R-FL), chair of the Senate Republican campaign arm, has released a plan that would give Congress the power to terminate Social Security and Medicare every five years. Polling shows that voters support Democratic plans to expand Social Security benefits, and strongly oppose Scott's plan.

Social Security's future is at a crossroads. We can either cut benefits, or expand benefits and pay for it by requiring the wealthiest to pay their fair share. It's time for the House and Senate to hold up or down votes on Social Security. Voters deserve to know where their representatives stand before this November's election."