Social Security Spending 2023 and Future

PROVIDED BY USA FACTS, NUMBERS FROM OFFICE OF MANAGEMENT AND BUDGET FY 2023

The numbers on the Social Security Administration, Please watch the video by former President of Microsoft, Steve Ballmer.

The Social Security Administration (SSA) is an independent agency that plays a central role in the lives of millions. It oversees programs that support retirees, people with disabilities, and eligible survivors (including spouses, children, and dependent parents) of deceased workers. It also helps administer Medicare enrollment.

In 2024, the SSA provided benefits to about 68 million people monthly, making it the largest public program in the nation. Currently, the population of the USA is 360 million.

The Social Security Administration is the 2nd highest-funded federal agency

The SSA spent $1.52 trillion in fiscal year 2024, 22.4% of all federal spending ($6.78 trillion).

Since 1980, SSA spending has grown 212.3%, outpacing the 193.7% increase in overall federal spending. SSA spending in 1980 was $486.6 billion (adjusted for inflation).

The SSA manages 22.4% of the federal budget with 2.5% of the federal workforce. About 58,409 people worked for the administration in September 2024, down from 69,963 in September 2010.

The SSA spent $1.52 trillion in fiscal year 2024, 22.4% of all federal spending ($6.78 trillion). Since 1980, SSA spending has grown 212.3%, outpacing the 193.7% increase in overall federal spending. SSA spending in 1980 was $486.6 billion (adjusted for inflation).
The SSA manages 22.4% of the federal budget with 2.5% of the federal workforce. About 58,409 people worked for the administration in September 2024, down from 69,963 in September 2010.

In FY 2023, the US spent $6.2 Trillion and revenue of $4.2 Trillion or a deficit of $1.7 Trillion dollars that year.

As of 2024, the total debt is about $35 Trillion dollars.