The Old-Age, Survivors, and Disability Insurance (OASDI) program commonly known as Social Security, which celebrated its 80th birthday on August 14, is projected to run an $84 billion deficit this year, according to the 2015 Annual Report of the Board of Trustees.
“Social Security’s cost exceeded its tax income in 2014, and also exceeded its non-interest income, as it has since 2010,” the trustees’ 75th annual report to Congress stated.
“This relationship is projected to continue throughout the short-range period (2015 through 2024) and beyond….For 2015, the deficit of tax income (and non-interest income) is projected to be approximately $84 billion,” the report stated.
During 2014, $646.2 billion in payroll taxes was collected from 166 million working Americans.
But that was not enough to cover the $859 billion in Social Security benefits that were collected by 59 million people, including 42 million retired workers and their dependents, six million survivors of deceased workers, and 11 million disabled workers and their dependents.
According to the trustees, “asset reserves of the OASI Trust Fund, together with continuing program income, will be adequate to cover program costs over the next 10 years.”