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CBO’s 2024 Long-Term Projections for Social Security

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  • Congressional Budget Office

Abstract

In CBO’s projections, spending for Social Security rises from 5.1 percent of gross domestic product (GDP) in 2024 to 6.7 percent in 2098. Most of that increase occurs over the next decade, as the baby boom generation retires. After that, outlays for Social Security continue to rise as a percentage of GDP because of projected increases in life expectancy. Unlike outlays, revenues for Social Security remain stable in relation to the size of the economy.

Suggested Citation

  • Congressional Budget Office, 2024. "CBO’s 2024 Long-Term Projections for Social Security," Reports 60392, Congressional Budget Office.
    • Handle: RePEc:cbo:report:60392
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    File URL: https://www.cbo.gov/system/files/2024-08/60392-Social-Security.pdf
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    More about this item

    JEL classification:

    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
    • H68 - Public Economics - - National Budget, Deficit, and Debt - - - Forecasts of Budgets, Deficits, and Debt
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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