OPINION: As Social Security has the largest deficit since the 1983 reforms, Congress needs to fix it.
The 2021 Social Security Trustees Report, which usually comes out in the spring, emerged in the last week in August. That’s not surprising given a new administration and a somewhat more complicated story than usual.
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Yet, the 75-year deficit increased from 3.21% to 3.54% of taxable payrolls. The biggest movers were: 1) fewer births than expected in 2020 and recognition that women will continue to delay childbearing; 2) a 1% decline in the level of potential GDP due to COVID-19 and the accompanying recession; 3) updates to projections of initial benefits; and 4) moving the valuation period ahead one year. These major changes plus a host of smaller ones produced the largest deficit since the 1983 reforms .
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