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		Home > Issues > Social Security Social Security For over 65 years Social Security has provided a vital floor of protection. Its broad range of retirement, disability, and survivors' benefits for millions of Americans makes it an important issue for people of all ages. But changing demographics render the current pay-as-you-go system fiscally unsustainable and generationally inequitable over the long-term. Reversing this trend will require facing up to some hard choices and making far-sighted decisions. The sooner we face up to this task the easier it will be. Social Security's long-term imbalance Today, Social Security taxes are running ahead of benefits by about $70 billion. But by 2009, the annual excess will start to fall and by 2017 there won't be any excesses at all. From then on, widening deficits are projected for as far as the eye can see. At first, the gap between promised benefits and dedicated revenues will be relatively small -- $9 billion in 2017 -- but it will grow very quickly as those who were born in the peak of the baby boom begin to retire in large numbers during the 2020s. The Social Security Trustees project that the annual shortfall will grow to $256 billion by 2030 in inflation adjusted dollars and that the program's cost will grow from roughly 4.3 percent of the nation's gross domestic product (GDP) today to 6.1 percent in 2030. While seemingly a small increase, it means Social Security will draw nearly half as much more out of the economy in 2030 as it does today. Expressed as a share of workers' pay (taxable payroll), Social Security will grow from about 11 percent today to nearly 17 percent in 2030. This means the Social Security program will require 50 percent more from workers' wages as it does today. Concord Coalition's Framework for Reform Concord's Official Statement on Social Security Reform as testimony given to the Senate Committee on Aging The Concord Coalition's Series on Social Security Reform Reform Should Not Wait For a Crisis Trust Funds Mask the Problem A “One Percent” Tax Increase Will Not Fix the Problem How Should We View the Problem? A Real Fix Requires An Increase in National Saving There is No Free Lunch Automatic Cost Growth Drives the Problem Private Accounts: Should They Be Voluntary or Mandatory? Raising the Social Security Taxable Earnings Cap: Real Reform or Another Placebo? Recent Statements CSIS, Concord Coalition's Bipartisan Social Security Reform Conference Concord Coalition Warns That Focus on Trust Fund Solvency Ignores the Key Long-Term Issues New York Times Ad: Social Security Reform Must Confront The Hard Choices Issue Briefs The Real Problems With the President's Social Security Plan (Facing Facts) Social Security Reform -- Facing Up To The Real Trade-Offs (Facing Facts) Lessons from the 2003 Social Security Trustees Report Selected Charts Part I: The Economic and Fiscal Climate Part II: Demographics is Destiny Part III: Specific Options for Social Security Concord Coalition's Chart Talk on Social Security Social Security Primers In 1998 we published two primers discussing the problems associated with Social Security, as well as a framework for a solution. If you are interested in getting a deeper understanding of the problem, and a general template for a solution, please check them out. Volume 1: "Saving Social Security: A Framework for Reform" Volume 2: "Saving Social Security: Options for Reform" Archive of Older Social Security Information
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