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The 2024 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 our Social Security system remains fully affordable. This year’s report announces that, thanks to a strong and growing economy, Social Security can pay all benefits and associated administrative costs in full until 2035, one year later than projected in last year’s report.
That is particularly appropriate since, according to Social Security’s chief actuary, rising inequality is the primary unanticipated reason that Social Security faces a funding shortfall in a decade. That inequality has cost Social Security $1.4 trillion over the last decade.Proposals to protect and expand Social Security are bipartisan in the only way that really matters — they have strong support from Republican and independent voters, as well as Democrats.
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