The brief’s key findings are:
Contrary to media reports, the 2019 Trustees Report shows little change overall:
Social Security’s 75-year deficit ticked down from 2.84 percent to 2.78 percent of payroll.
Trust fund exhaustion moved out by one year, to 2035, after which payroll taxes still cover about three quarters of promised benefits.
This shortfall is manageable, but action should be taken soon to equitably share the burden among cohorts, restore public confidence, and give people time to adjust.
The Report did include one noteworthy change: a big improvement in the financial outlook for the Disability Insurance program.