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In FY 2023 the federal government spent $1,354 billion on Social Security.
This page shows the current trends in Social Security spending on the OASI and DI programs. There are also charts on OASI and DI spending history. See here for a general history of entitlement spending. See here for spending forecast from latest OASDI Trustees Report.
Social Security benefits cost about 5 percent of GDP each year.
Chart S.13f: Social Security Spending since 1935
Social Security, the federal old-age pension program, was passed in 1935 in time for the 1936 presidential election. The first old-age benefits were distributed in 1938.
Social Security benefits were modest in the early years and did not exceed one percent of GDP until 1955. But the program cost increased rapidly, reaching 2.2 percent of GDP in 1960.
Benefit increase slowed somewhat in the 1960s, reaching 3.2 percent in 1971. Costs increased again in the early 1970s before peaking at 4.81 percent in 1983.
Social Security benefits as a percent of GDP slowly declined for the rest of the 1980s, 1990s and 2000s down to a low of 4.0 percent of GDP in 2005. But the Great Recession o 2007-09 bumped Social Security up to 4.72 percent of GDP in 2010. Social Security spending has been just under 5 percent GDP since 2013. In 2023 Social Security spending was 4.90 percent GDP.
Chart S.14f: Social Security Spending
The Social Security Disability Insurance Program was enacted in the 1950s and payments began in 1958. Eligibility requirements relaxed in the 1980s.
Starting from zero in 1957 Social Security’s Disability Insurance program reached 0.5 percent of GDP in 1975.
Peaking at 0.55 percent of GDP in the early 1980s, payments declined to a low of 0.43 percent in 1990. But then payments increased, breaching 0.5 percent of GDP in 1993 and 0.6 percent of GDP in 2002. DI reached 0.7 percent of GDP in 2006 and peaked at 0.85 percent of GDP in 2011-13. In 2023 DI was 0.55 percent GDP.
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Spending data is from official government sources.
Gross Domestic Product data comes from US Bureau of Economic Analysis and measuringworth.com.
Detailed table of spending data sources here.
Medicare breakdown here; Medicaid breakdown here.
Federal spending data begins in 1792.
State and local spending data begins in 1820.
State and local spending data for individual states begins in 1957.
Debt Now: | $34,544,912,251,854.53 | Debt 2/2020: | $23,409,959,150,243.63 |
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Sources for 2019:
GDP, GO: GDP, GO Sources
Federal: Fed. Budget: Hist. Tables 3.2, 5.1, 7.1
State and Local: State and Local Gov. Finances
'Guesstimated' by projecting the latest change in reported spending forward to future years
Sources for 2029:
GDP, GO: GDP, GO Sources
Federal: Fed. Budget: Hist. Tables 3.2, 5.1, 7.1
State and Local: State and Local Gov. Finances
'Guesstimated' by projecting the latest change in reported spending forward to future years
> data sources for other years
> data update schedule.
On March 11, 2024, we updated usgovernmentspending.com with the numbers from the Public Budget Database in the Budget of the United States Government for Fiscal Year 2025.
Here is how headline budget estimates for the upcoming FY 2024 fiscal year have changed since the release of the FY 2024 budget a year ago in Winter 2023.
$ billion | Estimate for 2024 in FY2024 Budget | Estimate for 2024 in FY2025 Budget | Change |
Federal Outlays | $6,371.8 | $6,940.9 | +$569.1 |
Federal Receipts | $4,802.5 | $5,081.6 | +$279.1 |
Federal Deficit | $1,569.4 | $1,859.4 | +$290.0 |
You can see line item changes from budget to budget here. You can compare budget estimates with actuals here.
Account level spending estimates through FY 2029 come from the Outlays table in the Public Budget Database and were updated on usgovernmentspending.com on March 11, 2024.
Account level budget authority estimates through FY 2029 come from the Budget Authority table in the Public Budget Database and were updated on usgovernmentspending.com on March 11, 2024.
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President’s FY 2025 Budget Release Scheduled for March 11
Although the FY 2024 appropriations process is not yet resolved
Biden to Release Budget March 9
will press McCarthy On Default Risk - Bloomberg
Biden to Release 2023 Budget Request on March 28
how the administration expects to spend money for priorities including aid to Ukraine and the continuing effort to fight the coronavirus pandemic, as well as legislative proposals such as increased funding for community policing programs, cancer research, and mental health education.
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