CBO’s 2024 Long-Term Projections for Social Security

Congressional Budget Office

No 60392, Reports from 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.

JEL-codes: H50 H55 H60 H68 J26 (search for similar items in EconPapers)
Date: 2024-08-28
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