1、 https:/crsreports.congress.gov June 1, 2020Social Security, Deficits, and DebtSocial Security is a self-financing program that covers an estimated 178 million workers and will provide monthly benefits to about 64 million beneficiaries in 2020. The Social Security program is composed of the Old-Age
2、and Survivors Insurance (OASI) program and the Disability Insurance (DI) program, commonly referred to on a combined basis as OASDI. Social Security, or OASDI, is the federal governments single largest program in terms of both the number of people affected (i.e., covered workers and beneficiaries) a
3、nd its finances (i.e., revenues and payments). The Social Security program is primarily financed through a payroll tax (employers and workers each pay 6.2%), which is applied to covered earnings up to an annual limit ($137,700 in 2020). A second source of funding is from the federal income tax impos
4、ed on a portion of Social Security benefits of some beneficiaries. These tax revenues (i.e. noninterest revenues) are used to pay monthly benefits. By law, any surplusarising when noninterest revenues are greater than total costsis loaned to the rest of the federal government, creating assets in the
升级VIP 