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March 31, 2023

Schweikert Statement in Response to Trustees Report Projecting Social Security Trust Fund Will Run Out by 2034

WASHINGTON, D.C. — Today, Congressman David Schweikert (AZ-01) issued the following statement after the Social Security Administration released its 2023 Trustees Report, which found that the combined Social Security Trust Funds are projected to become exhausted by 2034, one year sooner than last year’s report:

“Every week, I go to the House Floor to warn my brothers and sisters of the dire consequences our nation will suffer if Congress doesn’t curb its unsustainable spending habits.

“Today’s report confirms what we’ve known: the Social Security Trust Fund will be gone by 2034, risking the doubling of senior poverty. It’s our moral obligation to protect and preserve Social Security and Medicare for future generations.

“I urge President Biden and Congressional Democrats to work with Republicans on bipartisan solutions that save entitlement programs and ensure seniors receive their full retirement benefits when they come due because every day we wait, the math gets more difficult.”

Key findings and projections from the 2023 Trustees Report:

  • Social Security’s long-term (75-year) deficit as a percentage of taxable payroll increased (worsened) from 3.42 in the 2022 report to 3.61 in the 2023 report, and its unfunded obligations continued to increase from $20.4 trillion to $22.4 trillion over the same period.
  • The combined Social Security Trust Funds are projected to become exhausted in 2034, one year sooner than in last year’s report.
  • The Old-Age and Survivors Insurance (OASI) Trust Fund is projected to be unable to pay full benefits starting in 2033, one year sooner than in last year’s report.
  • Similar to last year, the Disability Insurance (DI) Trust Fund exhaustion date is projected to occur sometime beyond the 75-year long-range projection period.
  • The large decrease is “primarily due to the Trustees revising down the levels of GDP and labor productivity over the projection period.”
  • In 2022, the total cost of Old-Age, Survivors, and Disability Insurance (OASDI) benefits was $1.24 trillion, exceeding income by $22 billion.
  • The Trustees continue to project Social Security’s total costs to increase relative to non-interest income through 2040 and to exceed total income (including interest) indefinitely.

The full 2023 Trustees Report can be found here

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