Meanwhile (also from the CBO):
Potential Range of Social Security Outlays and Revenues Under the Scheduled Benefits Scenario
(Percentage of GDP)
Source: Congressional Budget Office.
Notes: Based on 500 simulations centered on the Social Security trustees’ 2004 intermediate demographic assumptions and CBO’s January 2005 economic assumptions.
Revenues include payroll taxes and income taxes on benefits but exclude interest credited to the Social Security trust funds; outlays include scheduled Social Security benefits and administrative costs.
Under current law, outlays begin to exceed revenues starting in 2020; starting in 2053, scheduled benefits cannot be paid.
