https:/crsreports.congress.gov July 1, 2019Social Security: Select Findings of the 2019 Annual ReportSocial Security is a self-financing program that covers approximately 177 million workers and provides monthly cash benefits to 63 million beneficiaries. Social Security is the federal governments single largest program, both in terms of the number of people affected (i.e., covered workers and beneficiaries) and its finances. The Social Security program is composed of Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI); it is referred to collectively as OASDI. The OASDI program is primarily financed through a payroll tax applied to Social Security covered earnings up to an annual limit (88.2% of total revenues in 2018). In addition, some beneficiaries pay income tax on a portion of their Social Security benefits (3.5% of total revenue in 2018). From 1983 to 2010, the OASDI program collected more in tax revenues than needed to pay benefits. These excess revenues were held in interest-bearing U.S. Treasury securities, providing a third source of funding for the program. In 2018, interest revenues accounted for 8.3% of total revenues. Monthly benefits are the largest
展开阅读全文