Trust Fund Operations
Trust Fund Operations
Even though there is presently more FICA taxes coming
in each year than benefits paid out, this has not always been the
case. Since 1937, there have been 11 years in which benefits paid
out exceeded income and so the assets of the Trust Funds had to
be spent to make up the difference. This cashing-in of the Trust
Fund bonds amounted to about $26 billion in those 11 years.
(Note: In actual practice the Trust Funds are cashing-in bonds
all the time, not just in periods of income shortfalls. The Trust
Funds regularly purchase new bonds and redeem mature ones ("rolling
over" much of the debt) and the benefits paid are from a combination
of new tax revenues and redeemed bonds. It is difficult in any given
year to say precisely what part of the benefits paid come from new
tax revenues and what part form redeemed bonds. However, in the
11 years identified below, since payroll taxes could not cover the
benefits paid out, we can say fairly precisely that at least this
amount of the benefits paid came from redeemed government bonds.)
In the table below, the main summary indicators of Trust Fund financial transactions--income, outgo, annual deficit or surplus, and net accumulated size of the Trust Fund reserve--are presented for each year since the beginning of payroll taxation and benefit payment in 1937. The approximate cumulative totals for receipts and expenditures is also shown.
| Social
Security Trust Funds, |
||||
| Calendar Year |
Receipts |
Expenditures |
Net |
Amount |
| 1937..... |
$767 |
$1 |
$766 |
$766 |
| 1938..... |
375 |
10 |
366 |
1,132 |
| 1939..... |
607 |
14 |
592 |
1,724 |
| 1940..... |
368 |
62 |
306 |
2,031 |
| 1941..... |
845 |
114 |
731 |
2,762 |
| 1942..... |
1,085 |
159 |
926 |
3,688 |
| 1943..... |
1,328 |
195 |
1,132 |
4,820 |
| 1944..... |
1,422 |
238 |
1,184 |
6,005 |
| 1945..... |
1,420 |
304 |
1,116 |
7,121 |
| 1946..... |
1,447 |
418 |
1,029 |
8,150 |
| 1947..... |
1,722 |
512 |
1,210 |
9,360 |
| 1948..... |
1,969 |
607 |
1,362 |
10,722 |
| 1949..... |
1,816 |
721 |
1,094 |
11,816 |
| 1950..... |
2,928 |
1,022 |
1,905 |
13,721 |
| 1951..... |
3,784 |
1,966 |
1,818 |
15,540 |
| 1952..... |
4,184 |
2,282 |
1,902 |
17,442 |
| 1953..... |
4,359 |
3,094 |
1,265 |
18,707 |
| 1954..... |
5,610 |
3,741 |
1,869 |
20,576 |
| 1955..... |
6,167 |
5,079 |
1,087 |
21,663 |
| 1956..... |
6,697 |
5,841 |
856 |
22,519 |
| 1957..... |
8,090 |
7,567 |
523 |
23,042 |
| 1958..... |
9,108 |
8,907 |
201 |
23,243 |
| 1959..... |
9,516 |
10,793 |
-1,277 |
21,966 |
| 1960..... |
12,445 |
11,798 |
647 |
22,613 |
| 1961..... |
12,937 |
13,388 |
-451 |
22,162 |
| 1962..... |
13,699 |
15,156 |
-1,457 |
20,705 |
| 1963..... |
16,227 |
16,217 |
10 |
20,715 |
| 1964..... |
17,476 |
17,020 |
456 |
21,172 |
| 1965..... |
17,857 |
19,187 |
-1,331 |
19,841 |
| 1966..... |
23,381 |
20,913 |
2,467 |
22,308 |
| 1967..... |
26,413 |
22,471 |
3,942 |
26,250 |
| 1968..... |
28,493 |
26,015 |
2,479 |
28,729 |
| 1969..... |
33,346 |
27,892 |
5,453 |
34,182 |
| 1970..... |
36,993 |
33,108 |
3,886 |
38,068 |
| 1971..... |
40,908 |
38,542 |
2,366 |
40,434 |
| 1972..... |
45,622 |
43,281 |
2,341 |
42,775 |
| 1973..... |
54,787 |
53,148 |
1,639 |
44,414 |
| 1974..... |
62,066 |
60,593 |
1,472 |
45,886 |
| 1975..... |
67,640 |
69,184 |
-1,544 |
44,342 |
| 1976..... |
75,034 |
78,242 |
-3,209 |
41,133 |
| 1977..... |
81,982 |
87,254 |
-5,272 |
35,861 |
| 1978..... |
91,903 |
96,018 |
-4,115 |
31,746 |
| 1979..... |
105,864 |
107,320 |
-1,456 |
30,291 |
| 1980..... |
119,712 |
123,550 |
-3,838 |
26,453 |
| 1981..... |
142,438 |
144,352 |
-1,914 |
24,539 |
| 1982..... |
147,913 |
160,111 |
239 |
24,778 |
| 1983..... |
171,266 |
171,177 |
89 |
24,867 |
| 1984..... |
186,637 |
180,429 |
6,208 |
31,075 |
| 1985..... |
203,540 |
190,628 |
11,088 |
42,163 |
| 1986..... |
216,833 |
201,522 |
4,698 |
46,861 |
| 1987..... |
231,039 |
209,093 |
21,946 |
68,807 |
| 1988..... |
263,469 |
222,514 |
40,955 |
109,762 |
| 1989..... |
289,448 |
236,242 |
53,206 |
162,968 |
| 1990..... |
315,443 |
253,135 |
62,309 |
225,277 |
| 1991..... |
329,676 |
274,205 |
55,471 |
280,747 |
| 1992..... |
342,591 |
291,865 |
50,726 |
331,473 |
| 1993..... |
355,578 |
308,766 |
46,812 |
378,285 |
| 1994..... |
381,111 |
323,011 |
58,100 |
436,385 |
| 1995..... |
399,497 |
339,815 |
59,683 |
496,068 |
| 1996..... |
424,451 |
353,569 |
70,883 |
566,950 |
| 1997..... |
457,668 |
369,108 |
88,560 |
655,510 |
| 1998..... |
489,204 |
382,255 |
106,950 |
762,460 |
1999..... |
526,582 |
392,908 |
133,673 |
896,133 |
| 2000..... |
568,433 |
415,121 |
153,312 |
1,049,445 |
| 2001..... |
602,003 |
438,916 |
163,088 |
1,212,533 |
| 2002..... |
627,085 |
461,653 |
165,432 |
1,377,965 |
| 2003..... |
631,886 |
479,086 |
152,799 |
1,530,764 |
| 2004..... |
657,718 |
501,643 |
156,075 |
1,686,839 |
2005..... |
701,758 |
529,938 |
171,821 |
1,858,660 |
2006..... |
744,873 |
555,421 |
189,452 |
2,048,112 |
2007..... |
784,889 |
594,501 |
190,388 |
2,238,500 |
2008..... |
805,302 |
625,143 |
180,159 |
2,418,658 |
2009..... |
807,490 |
685,801 |
121,689 |
2,540,348 |
| TOTALS | 13,866,220 |
11,325,872 |
||
| Notes: Source: SSA Annual Statistical Supplement, Tables 4A1 and 4A3. For the period 1937-1956, includes only the Old-Age and Survivors Trust Fund. For the period 1957-1997, includes Old-Age and Survivors and Disability Trust Funds combined. Table does NOT include transactions to the Medicare Trust Fund. The annual net increase in the funds is the change in the assets from the end of one year to the end of the next. In 1982, the Old-Age and Survivors Trust Fund borrowed money from the Hospital Insurance Trust Fund, and repaid the borrowed amounts in 1985 and 1986. For each of these years, the net increase in the funds is equal to total receipts less total expenditures, plus amounts borrowed or less amounts repaid. |