[ The 2023 Trustees Report Shows that Social Security Remains
Strong, Despite Republican Attacks ]
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SOCIAL SECURITY REMAINS STRONG  
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Social Security Works
March 31, 2023
Social Security Works
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_ The 2023 Trustees Report Shows that Social Security Remains Strong,
Despite Republican Attacks _

, Social Security Works

 

(Washington, DC) — The 2023 Annual Report of the Board of Trustees
of the Federal Old-Age and Survivors Insurance and Federal Disability
Insurance Trust Funds, released today
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Security system remains strong and fully affordable.

This year’s report announces that Social Security has an accumulated
surplus of approximately $2.8 trillion. It projects that, even if
Congress took no action whatsoever, Social Security can pay all
benefits and associated administrative costs until 2034. It is 89
percent funded for the next quarter century, 83 percent for the next
half century, and 80 percent for the next three quarters of a
century. 

At the end of the century, in 2100, Social Security is projected to
cost around 6 percent of gross domestic product (“GDP”). That
end-of-the-century cost is a substantially smaller percentage than
most other wealthy countries spend on their counterpart programs
today.

Social Security Works has released a fact sheet
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that puts the report into further context, including the context of
the ongoing fight over raising the debt ceiling. 

The following is a statement on the report from Nancy Altman,
President of Social Security Works
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“The takeaway from this report is that whether to expand or cut
Social Security’s modest but vital benefits is a question of values,
not affordability.

Congressional Democrats have proposed several
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plans
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that expand benefits. These plans are fully paid for by requiring
millionaires and billionaires to contribute their fair share. 

These proposals are bipartisan in the way that matters — they have
strong support
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from Democratic, Republican, and independent voters. In contrast, 88
percent of voters oppose cutting benefits
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While some political elites still cling to the idea of a so-called
“balanced” package that includes benefit cuts, such a plan will
not succeed because it is toxically unpopular among the American
people.

Unfortunately, Republican politicians are not listening to their
voters. The most recent budget
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of the Republican Study Committee, which consists
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of the House Republicans, includes
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deep cuts to both Social Security and Medicare. Other Republicans are
trying to create fast-track commissions
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that operate behind closed doors, aimed at forcing cuts that would not
be supported in the sunshine. 

To see the results of cutting earned retirement benefits through an
undemocratic process, one only needs to look across the Atlantic
Ocean, where the French people are rising up in anger. 

Congress should take action to expand Social Security and close the
system’s modest shortfall. Democrats have put their ideas on the
table. Now, Republicans should do the same, so that Congress can
debate Social Security’s future in the light of day.”

Contact: Linda Benesch, [email protected]

* Social Security
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* Social Security Cuts
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