At the end of 2012, the OASDI program was providing benefit payments
1 to about 57 million people: 40 million retired workers and dependents of retired workers, 6 million survivors of deceased workers, and 11 million disabled workers and dependents of disabled workers. During the year, an estimated 161 million people had earnings covered by Social Security and paid payroll taxes. Total expenditures in 2012 were $786 billion. Total income was $840 billion, which consisted of $731 billion in non-interest income and $109 billion in interest earnings. Asset reserves held in special issue U.S. Treasury securities grew from $2,678 billion at the beginning of the year to $2,732 billion at the end of the year.
For the combined OASI and DI Trust Funds to remain solvent throughout the 75-year projection period: (1) revenues would have to increase by an amount equivalent to an immediate and permanent payroll tax rate increase of 2.66 percentage points
2 (from its current level of 12.40 percent to 15.06 percent); (2) scheduled benefits during the period would have to be reduced by an amount equivalent to an immediate and permanent reduction of 16.5 percent applied to all current and future beneficiaries, or 19.8 percent if the reductions were applied only to those who become initially eligible for benefits in 2013 or later; or (3) some combination of these approaches would have to be adopted.