The U.S. Social Security program is the largest government program in the world and the single greatest expenditure in the federal budget, with 20.8% for social security, compared to 20.5% for discretionary defense and 20.1% for Medicare/Medicaid.[6]
Social Security is currently the largest social insurance program in the U.S. where combined spending for all social insurance programs constitutes 37% of government expenditure and 7% of the gross domestic product.[7]
Social Security is currently estimated to keep roughly 40% of all Americans age 65 or older out of poverty.[8]
In 2010, 54 million people were receiving Social Security benefits, while 157 million people were paying into the fund; of those receiving benefits, 44 million were receiving retirement benefits and 10 million disability benefits.
Assets in 2010 were $2.6 trillion, an amount that is expected to be adequate to cover the next 10 years.
In 2023, total income and interest earned on assets are projected to no longer cover expenditures for Social Security, as demographic shifts burden the system.
By 2035, the ratio of potential retirees to working age persons will be 37% — there will be less than three potential income earners for every retiree in the population. The trust fund would then be exhausted by 2036 without legislative action.[9]
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