Social Security’s $12.5 Trillion Unfunded Liability

Jul 14, 2017

Social Security’s unfunded liabilities rose to $12.5 trillion, an increase of $1.2 trillion from last year. Social Security can only pay scheduled benefits through 2034. Treasury Secretary Steven Mnuchin said, “[T]ens of millions of Americans rely on these programs and it is important that we ensure their long-term stability.” To close the funding gap for Social Security through payroll taxes, Congress would have to raise the amount it is grabbing from paychecks by 2.76 percentage points for a total of 15.16 percent.