Social Security, Deficits, and Debt

Social Security is a self-financing program that covers an estimated 178 million workers and will provide monthly benefits to about 64 million beneficiaries in 2020. The Social Security program is composed of the Old-Age and Survivors Insurance (OASI) program and the Disability Insurance (DI) program, commonly referred to on a combined basis as OASDI. Social Security, or OASDI, is the federal government’s single largest program in terms of both the number of people affected (i.e., covered workers and beneficiaries) and its finances (i.e., revenues and payments).

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