September 2011, Kris Warner, Alan Barber and Dean Baker
Social Security has just entered its 77th year as an essential source of economic security for millions of Americans in their retirement. However, some politicians – such as Florida Senator Marco Rubio and Governor Rick Perry of Texas – have recently said that Social Security is bankrupt and will not be there for them or their children. This is not an accurate assessment. The latest projections from the Congressional Budget Office (CBO) show that Social Security will remain fully solvent through 2038. Even if Congress makes no further changes to the program, Social Security will be able to pay slightly more than 80 percent of scheduled benefits from 2039 on.
CEPR has updated its table (incorporating the newest CBO projections) to show the scheduled Social Security benefit for each current member of the Senate.