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CRS In Focus: Social Security -- Scheduled Versus Payable Benefits
Congressional Research Service [CRS] Link to more items from this source
Oct. 14, 2022

"In 2021, Social Security operated an annual deficit -- the first since 1982. Since total cost exceeded total income in 2021, some trust fund assets were redeemed to pay fully scheduled benefits as specified under current law. The trustees project annual deficits to persist indefinitely ... In 2021, the program had total costs of $1,145 billion and total revenues of $1,088 billion. Thus, approximately $56 billion in asset reserves were redeemed, or about 5% of total costs." [IF12231 Oct. 14, 2022]

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