Social Security affect us all and dealing with these issues are important to my work in Congress.
In 2013, Social Security accounted for 23% of the total federal budget and is the largest single item in the federal budget . Starting in 2010, Social Security began running a deficit on a cash basis. In the future, the deficits get even larger. By 2065, the Social Security Administration projects a deficit of 1.5% of GDP. In today’s economy, that would be about $240 billion per year. To avoid a reduction in benefits, Social Security taxes would need to be increased by 33% in 2065.
In November 2011, I announced a seven-point Social Security reform proposal. You can learn more about this proposal by clicking on the following links:
- Here's a six-page summary of the proposal including a description of the seven provisions and the proposal’s impact on the federal budget
- Here's a 21-page analysis of the proposal by the Chief Actuary of the Social Security Administration
- Here's the text of the proposed legislation
 Congressional Budget Office, Updated Budget Projections, tables 1 and 2, May 2013
Calculations based on 2013 Annual Report of Social Security Board of Trustees, tables VI.F6 and VI.F9
 Social Security Administration Trustees Annual Report, 2013, Table IV.B1
Please visit the Social Security Assistance page if you are seeking help from my office on a Social Security related issue.