shadows of elderly couple walking In order for Social Security to pay out scheduled benefits, and remain solvent in the long run, payroll taxes would have to be raised “immediately and permanently” by 4.6 percent. (Photo: Shutterstock)

Massive budget deficits over the next 30 years are expected to nearly double the country’s total debt, from 78 percent of gross domestic product, where it is today, to 144 percent of GDP by 2040, according to the Congressional Budget Office’s annual Long-Term Budget Outlook report.

The CBO’s extended baseline projections are based off the same assumptions the agency uses to forecast its 10-year projections. Both forecasts presume current law remains the same, mandatory programs are extended, and Social Security and Medicare spending continue as scheduled even after their respective trust funds run dry.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and events.
  • Access to other award-winning ALM websites including and

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.

More from this author


Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join now!

  • Unlimited access to - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including and
  • Exclusive discounts on and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2023 ALM Global, LLC. All Rights Reserved.