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<h1 itemprop="headline">The Future Financial Status of the Social Security Program</h1>
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<div id="hByline">by <span itemprop="author">Stephen C. Goss</span><br>Social Security Bulletin, <abbr title="Volume">Vol.</abbr> 70, <abbr title="Number">No.</abbr> 3, 2010 (released August 2010)</div>
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<div id="breadcrumbs" itemscope itemtype="http://schema.org/BreadcrumbList">You are here: <span itemprop="itemListElement" itemscope itemtype="http://schema.org/ListItem"><a href="/" itemprop="item"><span itemprop="name">Social Security Administration</span></a><meta itemprop="position" content="1" /></span> > <span itemprop="itemListElement" itemscope itemtype="http://schema.org/ListItem"><a href="/policy/index.html" itemprop="item"><span itemprop="name">Research, Statistics & Policy Analysis</span></a><meta itemprop="position" content="2" /></span> > <span itemprop="itemListElement" itemscope itemtype="http://schema.org/ListItem"><a href="/policy/docs/ssb/index.html" itemprop="item"><span itemprop="name">Social Security Bulletin</span></a><meta itemprop="position" content="3" /></span> > <span itemprop="itemListElement" itemscope itemtype="http://schema.org/ListItem"><a href="index.html" itemprop="item"><span itemprop="name"><abbr title="Volume">Vol.</abbr> 70, <abbr title="Number">No.</abbr> 3</span></a><meta itemprop="position" content="4" /></span></div>
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<h4>Related Content</h4>
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<div class="rcItems">
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<p>Updated Summary: <a href="/policy/trust-funds-summary.html">Actuarial Status of the Social Security Trust Funds</a></p>
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<p>Research: <a href="/policy/docs/ssb/v75n1/v75n1p1.html">Social Security Trust Fund Cash Flows and Reserves</a></p>
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</div>
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</div>
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<div class="introBox">
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<p id="synopsis" itemprop="description">The concepts of solvency, sustainability, and budget impact are common in discussions of Social Security, but are not well understood. Currently, the Social Security Board of Trustees projects program cost to rise by 2035 so that taxes will be enough to pay for only 75 percent of scheduled benefits. This increase in cost results from population aging, not because we are living longer, but because birth rates dropped from three to two children per woman. Importantly, this shortfall is basically stable after 2035; adjustments to taxes or benefits that offset the effects of the lower birth rate may restore solvency for the Social Security program on a sustainable basis for the foreseeable future. Finally, as Treasury debt securities (trust fund assets) are redeemed in the future, they will just be replaced with public debt. If trust fund assets are exhausted without reform, benefits will necessarily be lowered with no effect on budget deficits.</p>
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<hr />
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<div class="eightypercent">
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<p>The author is the Chief Actuary of the Social Security Administration.</p>
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<p><i>Acknowledgments</i>: This article is possible only as a result of the consistent efforts of the Social Security Board of Trustees and their staffs in producing a highly professional and informative report each year. Particular appreciation is extended to Karen Glenn of the Office of the Chief Actuary for her invaluable review and editing of the article. In addition, Michael Leonesio, David Weaver, and Jason Fichtner of the Office of Retirement and Disability Policy provided critical and constructive comments on the draft that contributed substantially to the end product.</p>
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<p>Contents of this publication are <a href="/policy/accessibility.html">not copyrighted</a>; any items may be reprinted, but citation of the <i>Social Security Bulletin</i> as the source is requested. The findings and conclusions presented in the <i>Bulletin</i> are those of the authors and do not necessarily represent the views of the Social Security Administration.</p>
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</div>
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</div>
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<h2>Introduction</h2>
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<div class="abbrtable">
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<table role="presentation">
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<caption>Selected Abbreviations</caption>
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<tr>
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<td><abbr class="spell">DI</abbr></td>
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<td>Disability Insurance</td>
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</tr>
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<tr>
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<td><abbr class="spell">GDP</abbr></td>
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<td>gross domestic product</td>
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</tr>
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<tr>
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<td><abbr class="spell">HI</abbr></td>
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<td>Hospital Insurance</td>
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</tr>
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<tr>
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<td><abbr class="spell">NRA</abbr></td>
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<td>normal retirement age</td>
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</tr>
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<tr>
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<td><abbr class="spell">OASDI</abbr></td>
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<td>Old-Age, Survivors, and Disability Insurance</td>
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</tr>
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<tr>
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<td><abbr class="spell">OASI</abbr></td>
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<td>Old-Age and Survivors Insurance</td>
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</tr>
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<tr>
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<td><abbr title="pay go">PAYGO</abbr></td>
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<td>pay as you go</td>
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</tr>
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</table>
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</div>
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<p>As a result of changes to Social Security enacted in 1983, benefits are now expected to be payable in full on a timely basis until 2037, when the trust fund reserves are projected to become exhausted.<sup><a href="#mn1" id="mt1">1</a></sup> At the point where the reserves are used up, continuing taxes are expected to be enough to pay 76 percent of scheduled benefits. Thus, the Congress will need to make changes to the scheduled benefits and revenue sources for the program in the future. The Social Security Board of Trustees project that changes equivalent to an immediate reduction in benefits of about 13 percent, or an immediate increase in the combined payroll tax rate from 12.4 percent to 14.4 percent, or some combination of these changes, would be sufficient to allow full payment of the scheduled benefits for the next 75 years.</p>
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<p>Since the inception of the Social Security program in 1935, scheduled benefits have always been paid on a timely basis through a series of modifications in the law that will continue. Social Security provides a basic level of monthly income to workers and their families after the workers have reached old age, become disabled, or died. The program now provides benefits to over 50 million people and is financed with the payroll taxes from over 150 million workers and their employers. Further modifications of the program are a certainty as the Congress continues to evolve and shape this program, reflecting the desires of each new generation.</p>
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<p>This article describes the financial status of the Social Security program, including an analysis of the concepts of solvency and sustainability and the relationship of Social Security to the overall federal unified budget. The future is uncertain in many respects, and based on new information, projections of the financial status of the Social Security program vary somewhat over time. What is virtually certain is that the benefits that almost all Americans become entitled to and most depend on will be continued into the future with modifications deemed appropriate by their elected representatives in the Congress.</p>
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<h2>Annual Reports by the Trustees</h2>
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<p>Each year, starting in 1941, the Social Security Board of Trustees has presented a required report on the financial status of the program to the Congress. The board has six members, including the Secretary of the Treasury as the managing trustee, the Secretary of Labor, the Secretary of Health and Human Services, and the Commissioner of Social Security, plus two public trustees appointed by the president and confirmed by the senate.</p>
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<p>The Social Security Act requires that the annual report include (1) the financial operations of the trust funds in the most recent past year, (2) the expected financial operations of the trust funds over the next 5 years, and (3) an analysis of the actuarial status of the program. The recent financial operations and the operations projected for the next few years are a finger on the pulse of the program. The actuarial status of the program is intended to provide an early warning of any potential longer-term financial issues or challenges that will be facing the program.</p>
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<p>The longer-term analysis of the actuarial status of the Social Security trust funds provides the Congress with an essential early warning of future challenges and provides the time to make desired changes in a careful and thoughtful manner. Although legislative changes may sometimes appear to be decided at the last minute before a crisis, the long advance warning of financial challenges provided by the trustees in the annual reports has always promoted broad consideration of options for change that allow any eventual modification of the law to be based on sound analysis and consideration of a comprehensive view of possible changes and their effects.</p>
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<p>Since the last major amendments to the Social Security program were enacted in 1983, the annual reports have presented a succession of developments in the actual experience of the economy and the program benefits that show a need for more change to address the future challenges we face. The <i>1983 Trustees Report</i> indicated that the Social Security program was put into "actuarial balance" for the <span class="nobr">75-year,</span> long-range projection period. This meant that under the intermediate assumptions used in that report, representing the trustees' best estimate of future experience at that time, program financing was expected to be sufficient to pay scheduled benefits in full through 2057.<sup><a href="#mn2" id="mt2">2</a></sup> However, that report also indicated that well before 2057, program cost would rise above the annual tax income to the program, requiring redemption of trust fund reserves to pay full benefits. The report also showed that these reserves would be approaching exhaustion in 2057, so that full scheduled benefits would not be payable starting shortly thereafter, without further change to the program. Thus, even at the enactment of the 1983 Amendments to the Social Security Act, it was known that further changes would be needed. The continuing projections in the annual reports since 1983 have borne out this projection and have resulted in extensive consideration of options.</p>
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<h2>Solvency of the Social Security Program</h2>
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<p>When individuals look at the financial status of the Social Security program, they often ask, "Will I get my benefits?" Assuming no future change in the law, this question can be answered directly by focusing on the "solvency" of the Social Security trust funds. Solvency for the Social Security program is defined as the ability of the trust funds at any point in time to pay the full scheduled benefits in the law on a timely basis.</p>
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<p>The two Social Security trust funds, those for <span class="nobr">Old-Age</span> and Survivors Insurance (<abbr class="spell">OASI</abbr>) benefits and for Disability Insurance (<abbr class="spell">DI</abbr>) benefits, are special. Along with the Hospital Insurance (<abbr class="spell">HI</abbr>) Trust Fund of the Medicare program, the <abbr class="spell">OASI</abbr> and <abbr class="spell">DI</abbr> Trust Funds have the important feature that benefits can only be paid to the extent that the trust funds actually have assets to draw on to pay the benefits. Unlike the rest of federal government operations, these three trust fund programs do not have the ability to borrow in order to continue paying benefits when the dedicated taxes and trust fund reserves are not sufficient.<sup><a href="#mn3" id="mt3">3</a></sup></p>
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<p>Because the ability of these programs to pay benefits is directly dependent on the availability of assets in their respective trust funds, the existence of assets over time in the future is the critical indicator of solvency. Taken from the <i>2009 Trustees Report</i>, Chart 1 shows that under the trustees' intermediate assumptions (alternative <abbr title="two">II</abbr>), the combined assets of the <abbr class="spell">OASI</abbr> and <abbr class="spell">DI</abbr> Trust Funds will soon peak at over 350 percent of the annual cost of the program, but will then decline, reaching exhaustion in 2037. The relatively more optimistic assumptions of the <span class="nobr">low-cost</span> alternative <abbr title="one">I</abbr> show solvency for the program throughout the <span class="nobr">75-year</span> projection period, while the relatively pessimistic <span class="nobr">high-cost</span> alternative <abbr title="three">III</abbr> assumptions show trust fund exhaustion even sooner than 2037. These alternative sets of assumptions are just one of several ways the trustees illustrate the uncertainty of long-range projections for the future.</p>
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<div class="chartCenter">
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<div class="chart700">
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<div class="title" id="chart1">Chart 1.<br>Combined <abbr class="spell">OASI</abbr> and <abbr class="spell">DI</abbr> Trust Fund assets as a percentage of program cost, <span class="nobr">1990–2008</span>, projected under alternative assumptions, <span class="nobr">2009–2085</span></div>
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<div class="scrollChart"><img src="v70n3p111_chart01.gif" alt="Line chart with tabular version below." width="700" height="351" /></div>
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<div class="table altTable"><a class="altToggle" href="">Show as table</a>
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<table>
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<caption><span class="tableNumber">Table equivalent for Chart 1. </span>Combined <abbr class="spell">OASI</abbr> and <abbr class="spell">DI</abbr> Trust Fund assets as a percentage of program cost, <span class="nobr">1990–2008</span>, projected under alternative assumptions, <span class="nobr">2009–2085</span></caption>
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<colgroup span="1" style="width:5em"></colgroup>
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<colgroup span="4" style="width:5em"></colgroup>
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<thead>
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<tr>
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<th class="stubHeading" rowspan="2" scope="colgroup">Year</th>
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<th class="spanner" colspan="4" scope="colgroup">Asset/cost ratio (%)</th>
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</tr>
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<tr>
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<th scope="col">Historical</th>
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<th scope="col">Alternative <abbr title="one">I</abbr></th>
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<th scope="col">Alternative <abbr title="two">II</abbr></th>
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<th scope="col">Alternative <abbr title="three">III</abbr></th>
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</tr>
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</thead>
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<tbody>
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<tr>
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<th class="stub0" scope="row">1990</th>
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<td>75</td>
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<td> </td>
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<td> </td>
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<td> </td>
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</tr>
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<tr>
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<th class="stub0" scope="row">1991</th>
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<td>82</td>
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<td> </td>
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<td> </td>
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<td> </td>
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</tr>
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<tr>
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<th class="stub0" scope="row">1992</th>
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<td>96</td>
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<td> </td>
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<td> </td>
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<td> </td>
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</tr>
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<tr>
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|
<th class="stub0" scope="row">1993</th>
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<td>107</td>
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<td> </td>
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<td> </td>
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<td> </td>
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</tr>
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<tr>
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<th class="stub0" scope="row">1994</th>
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<td>117</td>
|
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<td> </td>
|
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<td> </td>
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<td> </td>
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</tr>
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<tr>
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<th class="stub0" scope="row">1995</th>
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<td>128</td>
|
|
<td> </td>
|
|
<td> </td>
|
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<td> </td>
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</tr>
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<tr>
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<th class="stub0" scope="row">1996</th>
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<td>140</td>
|
|
<td> </td>
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|
<td> </td>
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<td> </td>
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</tr>
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<tr>
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<th class="stub0" scope="row">1997</th>
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<td>154</td>
|
|
<td> </td>
|
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<td> </td>
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<td> </td>
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</tr>
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<tr>
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<th class="stub0" scope="row">1998</th>
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<td>171</td>
|
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<td> </td>
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<td> </td>
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<td> </td>
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</tr>
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<tr>
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<th class="stub0" scope="row">1999</th>
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<td>194</td>
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<td> </td>
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<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2000</th>
|
|
<td>216</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2001</th>
|
|
<td>239</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2002</th>
|
|
<td>263</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2003</th>
|
|
<td>288</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2004</th>
|
|
<td>305</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2005</th>
|
|
<td>318</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2006</th>
|
|
<td>335</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2007</th>
|
|
<td>345</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2008</th>
|
|
<td> </td>
|
|
<td>358</td>
|
|
<td>358</td>
|
|
<td>358</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2009</th>
|
|
<td> </td>
|
|
<td>356</td>
|
|
<td>354</td>
|
|
<td>353</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2010</th>
|
|
<td> </td>
|
|
<td>364</td>
|
|
<td>360</td>
|
|
<td>357</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2011</th>
|
|
<td> </td>
|
|
<td>374</td>
|
|
<td>366</td>
|
|
<td>360</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2012</th>
|
|
<td> </td>
|
|
<td>385</td>
|
|
<td>369</td>
|
|
<td>356</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2013</th>
|
|
<td> </td>
|
|
<td>392</td>
|
|
<td>367</td>
|
|
<td>343</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2014</th>
|
|
<td> </td>
|
|
<td>397</td>
|
|
<td>364</td>
|
|
<td>324</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2015</th>
|
|
<td> </td>
|
|
<td>401</td>
|
|
<td>359</td>
|
|
<td>306</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2016</th>
|
|
<td> </td>
|
|
<td>405</td>
|
|
<td>354</td>
|
|
<td>290</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2017</th>
|
|
<td> </td>
|
|
<td>407</td>
|
|
<td>347</td>
|
|
<td>275</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2018</th>
|
|
<td> </td>
|
|
<td>408</td>
|
|
<td>338</td>
|
|
<td>259</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2019</th>
|
|
<td> </td>
|
|
<td>406</td>
|
|
<td>327</td>
|
|
<td>241</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2020</th>
|
|
<td> </td>
|
|
<td>404</td>
|
|
<td>315</td>
|
|
<td>222</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2021</th>
|
|
<td> </td>
|
|
<td>401</td>
|
|
<td>302</td>
|
|
<td>202</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2022</th>
|
|
<td> </td>
|
|
<td>398</td>
|
|
<td>289</td>
|
|
<td>180</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2023</th>
|
|
<td> </td>
|
|
<td>394</td>
|
|
<td>275</td>
|
|
<td>157</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2024</th>
|
|
<td> </td>
|
|
<td>390</td>
|
|
<td>260</td>
|
|
<td>133</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2025</th>
|
|
<td> </td>
|
|
<td>385</td>
|
|
<td>244</td>
|
|
<td>108</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2026</th>
|
|
<td> </td>
|
|
<td>379</td>
|
|
<td>227</td>
|
|
<td>83</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2027</th>
|
|
<td> </td>
|
|
<td>373</td>
|
|
<td>209</td>
|
|
<td>56</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2028</th>
|
|
<td> </td>
|
|
<td>367</td>
|
|
<td>191</td>
|
|
<td>28</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2029</th>
|
|
<td> </td>
|
|
<td>361</td>
|
|
<td>173</td>
|
|
<td>0</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2030</th>
|
|
<td> </td>
|
|
<td>354</td>
|
|
<td>153</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2031</th>
|
|
<td> </td>
|
|
<td>348</td>
|
|
<td>133</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2032</th>
|
|
<td> </td>
|
|
<td>342</td>
|
|
<td>113</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2033</th>
|
|
<td> </td>
|
|
<td>336</td>
|
|
<td>92</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2034</th>
|
|
<td> </td>
|
|
<td>330</td>
|
|
<td>71</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2035</th>
|
|
<td> </td>
|
|
<td>325</td>
|
|
<td>50</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2036</th>
|
|
<td> </td>
|
|
<td>320</td>
|
|
<td>29</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2037</th>
|
|
<td> </td>
|
|
<td>315</td>
|
|
<td>7</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2038</th>
|
|
<td> </td>
|
|
<td>311</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2039</th>
|
|
<td> </td>
|
|
<td>308</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2040</th>
|
|
<td> </td>
|
|
<td>306</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2041</th>
|
|
<td> </td>
|
|
<td>304</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2042</th>
|
|
<td> </td>
|
|
<td>302</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2043</th>
|
|
<td> </td>
|
|
<td>301</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2044</th>
|
|
<td> </td>
|
|
<td>301</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2045</th>
|
|
<td> </td>
|
|
<td>301</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2046</th>
|
|
<td> </td>
|
|
<td>302</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2047</th>
|
|
<td> </td>
|
|
<td>303</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2048</th>
|
|
<td> </td>
|
|
<td>304</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2049</th>
|
|
<td> </td>
|
|
<td>306</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2050</th>
|
|
<td> </td>
|
|
<td>309</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2051</th>
|
|
<td> </td>
|
|
<td>312</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2052</th>
|
|
<td> </td>
|
|
<td>315</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2053</th>
|
|
<td> </td>
|
|
<td>318</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2054</th>
|
|
<td> </td>
|
|
<td>322</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2055</th>
|
|
<td> </td>
|
|
<td>326</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2056</th>
|
|
<td> </td>
|
|
<td>330</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2057</th>
|
|
<td> </td>
|
|
<td>334</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2058</th>
|
|
<td> </td>
|
|
<td>339</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2059</th>
|
|
<td> </td>
|
|
<td>344</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2060</th>
|
|
<td> </td>
|
|
<td>349</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2061</th>
|
|
<td> </td>
|
|
<td>354</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2062</th>
|
|
<td> </td>
|
|
<td>360</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2063</th>
|
|
<td> </td>
|
|
<td>367</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2064</th>
|
|
<td> </td>
|
|
<td>373</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2065</th>
|
|
<td> </td>
|
|
<td>380</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2066</th>
|
|
<td> </td>
|
|
<td>387</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2067</th>
|
|
<td> </td>
|
|
<td>395</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2068</th>
|
|
<td> </td>
|
|
<td>403</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2069</th>
|
|
<td> </td>
|
|
<td>411</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2070</th>
|
|
<td> </td>
|
|
<td>419</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2071</th>
|
|
<td> </td>
|
|
<td>428</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2072</th>
|
|
<td> </td>
|
|
<td>437</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2073</th>
|
|
<td> </td>
|
|
<td>446</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2074</th>
|
|
<td> </td>
|
|
<td>455</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2075</th>
|
|
<td> </td>
|
|
<td>464</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2076</th>
|
|
<td> </td>
|
|
<td>474</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2077</th>
|
|
<td> </td>
|
|
<td>484</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2078</th>
|
|
<td> </td>
|
|
<td>494</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2079</th>
|
|
<td> </td>
|
|
<td>503</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2080</th>
|
|
<td> </td>
|
|
<td>513</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2081</th>
|
|
<td> </td>
|
|
<td>523</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2082</th>
|
|
<td> </td>
|
|
<td>532</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2083</th>
|
|
<td> </td>
|
|
<td>542</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2084</th>
|
|
<td> </td>
|
|
<td>552</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2085</th>
|
|
<td> </td>
|
|
<td>561</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
</tbody>
|
|
<tfoot>
|
|
<tr>
|
|
<td class="noNotes" colspan="5"> </td>
|
|
</tr>
|
|
</tfoot>
|
|
</table>
|
|
</div>
|
|
<div class="firstNote">SOURCE: <i>2009 Social Security Trustees Report,</i> Figure <abbr title="two">II</abbr>.D6 and Table <abbr title="four">IV</abbr>.B3.</div>
|
|
<div class="lastNote">NOTES: Alternative <abbr title="one">I</abbr> = <span class="nobr">low-cost</span> assumptions; alternative <abbr title="two">II</abbr> = intermediate assumptions; alternative <abbr title="three">III</abbr> = <span class="nobr">high-cost</span> assumptions. </div>
|
|
</div>
|
|
</div>
|
|
<p>Exhaustion of trust fund assets is projected to occur under the intermediate assumptions because program cost will begin to exceed the tax revenues dedicated to the trust funds in the future, requiring increasing amounts of net redemptions from the trust funds. The assumptions adopted for the <i>2009 Trustees Report</i> resulted in projected "cash flow" shortfalls for the <span class="nobr">Old-Age</span>, Survivors, and Disability Insurance (<abbr class="spell">OASDI</abbr>: <abbr class="spell">OASI</abbr> and <abbr class="spell">DI</abbr> combined) program as a whole starting in 2016, when tax revenue alone was first expected to be insufficient to cover the annual cost of the program.<sup><a href="#mn4" id="mt4">4</a></sup> Chart 2, taken from the <i>2009 Trustees Report</i>, illustrates the nature of this relationship between dedicated tax income for the <abbr class="spell">OASDI</abbr> program and the projected cost of providing scheduled benefits.</p>
|
|
<div class="chartCenter">
|
|
<div class="chart700">
|
|
<div class="title" id="chart2">Chart 2.<br><abbr class="spell">OASDI</abbr> program cost and noninterest income as percentages of taxable payroll, <span class="nobr">2005–2008</span>, projected under the intermediate assumptions, <span class="nobr">2009–2085</span></div>
|
|
<div class="scrollChart"><img src="v70n3p111_chart02.gif" alt="Line chart with tabular version below." width="700" height="344" /></div>
|
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<div class="table altTable"><a class="altToggle" href="">Show as table</a>
|
|
<table>
|
|
<caption><span class="tableNumber">Table equivalent for Chart 2. </span><abbr class="spell">OASDI</abbr> program cost and noninterest income as percentages of taxable payroll, <span class="nobr">2005–2008</span>, projected under the intermediate assumptions, <span class="nobr">2009–2085</span></caption>
|
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<colgroup span="1" style="width:5em"></colgroup>
|
|
<colgroup span="3" style="width:8em"></colgroup>
|
|
<thead>
|
|
<tr>
|
|
<th class="stubHeading" rowspan="2" scope="colgroup">Year</th>
|
|
<th class="spanner" colspan="3" scope="colgroup">Percentage of taxable payroll</th>
|
|
</tr>
|
|
<tr>
|
|
<th scope="col">Noninterest Income</th>
|
|
<th scope="col">Program cost, scheduled benefits</th>
|
|
<th scope="col">Program cost, payable benefits</th>
|
|
</tr>
|
|
</thead>
|
|
<tbody>
|
|
<tr>
|
|
<th class="stub0" scope="row">2005</th>
|
|
<td>12.71</td>
|
|
<td>11.16</td>
|
|
<td>11.16</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2006</th>
|
|
<td>12.74</td>
|
|
<td>11.04</td>
|
|
<td>11.04</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2007</th>
|
|
<td>12.75</td>
|
|
<td>11.32</td>
|
|
<td>11.32</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2008</th>
|
|
<td>12.71</td>
|
|
<td>11.38</td>
|
|
<td>11.38</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2009</th>
|
|
<td>12.83</td>
|
|
<td>12.35</td>
|
|
<td>12.35</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2010</th>
|
|
<td>12.87</td>
|
|
<td>12.50</td>
|
|
<td>12.50</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2011</th>
|
|
<td>12.87</td>
|
|
<td>12.37</td>
|
|
<td>12.37</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2012</th>
|
|
<td>12.87</td>
|
|
<td>12.24</td>
|
|
<td>12.24</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2013</th>
|
|
<td>12.90</td>
|
|
<td>12.38</td>
|
|
<td>12.38</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2014</th>
|
|
<td>12.92</td>
|
|
<td>12.62</td>
|
|
<td>12.62</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2015</th>
|
|
<td>12.94</td>
|
|
<td>12.88</td>
|
|
<td>12.88</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2016</th>
|
|
<td>12.96</td>
|
|
<td>13.18</td>
|
|
<td>13.18</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2017</th>
|
|
<td>12.98</td>
|
|
<td>13.49</td>
|
|
<td>13.49</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2018</th>
|
|
<td>13.00</td>
|
|
<td>13.83</td>
|
|
<td>13.83</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2019</th>
|
|
<td>13.02</td>
|
|
<td>14.17</td>
|
|
<td>14.17</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2020</th>
|
|
<td>13.04</td>
|
|
<td>14.50</td>
|
|
<td>14.50</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2021</th>
|
|
<td>13.06</td>
|
|
<td>14.81</td>
|
|
<td>14.81</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2022</th>
|
|
<td>13.08</td>
|
|
<td>15.09</td>
|
|
<td>15.09</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2023</th>
|
|
<td>13.10</td>
|
|
<td>15.37</td>
|
|
<td>15.37</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2024</th>
|
|
<td>13.12</td>
|
|
<td>15.62</td>
|
|
<td>15.62</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2025</th>
|
|
<td>13.13</td>
|
|
<td>15.86</td>
|
|
<td>15.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2026</th>
|
|
<td>13.15</td>
|
|
<td>16.08</td>
|
|
<td>16.08</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2027</th>
|
|
<td>13.16</td>
|
|
<td>16.28</td>
|
|
<td>16.28</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2028</th>
|
|
<td>13.17</td>
|
|
<td>16.47</td>
|
|
<td>16.47</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2029</th>
|
|
<td>13.19</td>
|
|
<td>16.62</td>
|
|
<td>16.62</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2030</th>
|
|
<td>13.20</td>
|
|
<td>16.76</td>
|
|
<td>16.76</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2031</th>
|
|
<td>13.21</td>
|
|
<td>16.87</td>
|
|
<td>16.87</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2032</th>
|
|
<td>13.22</td>
|
|
<td>16.96</td>
|
|
<td>16.96</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2033</th>
|
|
<td>13.23</td>
|
|
<td>17.03</td>
|
|
<td>17.03</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2034</th>
|
|
<td>13.23</td>
|
|
<td>17.07</td>
|
|
<td>17.07</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2035</th>
|
|
<td>13.24</td>
|
|
<td>17.10</td>
|
|
<td>17.10</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2036</th>
|
|
<td>13.24</td>
|
|
<td>17.11</td>
|
|
<td>17.11</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2037</th>
|
|
<td>13.25</td>
|
|
<td>17.11</td>
|
|
<td>13.25</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2038</th>
|
|
<td>13.25</td>
|
|
<td>17.08</td>
|
|
<td>13.25</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2039</th>
|
|
<td>13.25</td>
|
|
<td>17.04</td>
|
|
<td>13.25</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2040</th>
|
|
<td>13.25</td>
|
|
<td>16.99</td>
|
|
<td>13.25</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2041</th>
|
|
<td>13.25</td>
|
|
<td>16.94</td>
|
|
<td>13.25</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2042</th>
|
|
<td>13.25</td>
|
|
<td>16.88</td>
|
|
<td>13.25</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2043</th>
|
|
<td>13.25</td>
|
|
<td>16.83</td>
|
|
<td>13.25</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2044</th>
|
|
<td>13.25</td>
|
|
<td>16.79</td>
|
|
<td>13.25</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2045</th>
|
|
<td>13.25</td>
|
|
<td>16.75</td>
|
|
<td>13.25</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2046</th>
|
|
<td>13.25</td>
|
|
<td>16.72</td>
|
|
<td>13.25</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2047</th>
|
|
<td>13.25</td>
|
|
<td>16.69</td>
|
|
<td>13.25</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2048</th>
|
|
<td>13.25</td>
|
|
<td>16.66</td>
|
|
<td>13.25</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2049</th>
|
|
<td>13.25</td>
|
|
<td>16.63</td>
|
|
<td>13.25</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2050</th>
|
|
<td>13.25</td>
|
|
<td>16.61</td>
|
|
<td>13.25</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2051</th>
|
|
<td>13.25</td>
|
|
<td>16.59</td>
|
|
<td>13.25</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2052</th>
|
|
<td>13.25</td>
|
|
<td>16.59</td>
|
|
<td>13.25</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2053</th>
|
|
<td>13.25</td>
|
|
<td>16.59</td>
|
|
<td>13.25</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2054</th>
|
|
<td>13.26</td>
|
|
<td>16.60</td>
|
|
<td>13.26</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2055</th>
|
|
<td>13.26</td>
|
|
<td>16.62</td>
|
|
<td>13.26</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2056</th>
|
|
<td>13.26</td>
|
|
<td>16.64</td>
|
|
<td>13.26</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2057</th>
|
|
<td>13.26</td>
|
|
<td>16.66</td>
|
|
<td>13.26</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2058</th>
|
|
<td>13.27</td>
|
|
<td>16.68</td>
|
|
<td>13.27</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2059</th>
|
|
<td>13.27</td>
|
|
<td>16.70</td>
|
|
<td>13.27</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2060</th>
|
|
<td>13.27</td>
|
|
<td>16.73</td>
|
|
<td>13.27</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2061</th>
|
|
<td>13.27</td>
|
|
<td>16.75</td>
|
|
<td>13.27</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2062</th>
|
|
<td>13.28</td>
|
|
<td>16.77</td>
|
|
<td>13.28</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2063</th>
|
|
<td>13.28</td>
|
|
<td>16.80</td>
|
|
<td>13.28</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2064</th>
|
|
<td>13.28</td>
|
|
<td>16.83</td>
|
|
<td>13.28</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2065</th>
|
|
<td>13.28</td>
|
|
<td>16.86</td>
|
|
<td>13.28</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2066</th>
|
|
<td>13.29</td>
|
|
<td>16.89</td>
|
|
<td>13.29</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2067</th>
|
|
<td>13.29</td>
|
|
<td>16.93</td>
|
|
<td>13.29</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2068</th>
|
|
<td>13.29</td>
|
|
<td>16.97</td>
|
|
<td>13.29</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2069</th>
|
|
<td>13.30</td>
|
|
<td>17.01</td>
|
|
<td>13.30</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2070</th>
|
|
<td>13.30</td>
|
|
<td>17.05</td>
|
|
<td>13.30</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2071</th>
|
|
<td>13.30</td>
|
|
<td>17.09</td>
|
|
<td>13.30</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2072</th>
|
|
<td>13.31</td>
|
|
<td>17.14</td>
|
|
<td>13.31</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2073</th>
|
|
<td>13.31</td>
|
|
<td>17.18</td>
|
|
<td>13.31</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2074</th>
|
|
<td>13.31</td>
|
|
<td>17.23</td>
|
|
<td>13.31</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2075</th>
|
|
<td>13.32</td>
|
|
<td>17.27</td>
|
|
<td>13.32</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2076</th>
|
|
<td>13.32</td>
|
|
<td>17.32</td>
|
|
<td>13.32</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2077</th>
|
|
<td>13.32</td>
|
|
<td>17.37</td>
|
|
<td>13.32</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2078</th>
|
|
<td>13.33</td>
|
|
<td>17.42</td>
|
|
<td>13.33</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2079</th>
|
|
<td>13.33</td>
|
|
<td>17.47</td>
|
|
<td>13.33</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2080</th>
|
|
<td>13.33</td>
|
|
<td>17.53</td>
|
|
<td>13.33</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2081</th>
|
|
<td>13.34</td>
|
|
<td>17.58</td>
|
|
<td>13.34</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2082</th>
|
|
<td>13.34</td>
|
|
<td>17.63</td>
|
|
<td>13.34</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2083</th>
|
|
<td>13.34</td>
|
|
<td>17.68</td>
|
|
<td>13.34</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2084</th>
|
|
<td>13.35</td>
|
|
<td>17.73</td>
|
|
<td>13.35</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2085</th>
|
|
<td>13.35</td>
|
|
<td>17.78</td>
|
|
<td>13.35</td>
|
|
</tr>
|
|
</tbody>
|
|
<tfoot>
|
|
<tr>
|
|
<td class="firstNote" colspan="4">Chart summary: Between 2005 and 2036, the cost of scheduled and payable benefits is equal. Starting in the year the trust funds are exhausted (2037), then payable benefits will equal income.</td>
|
|
</tr>
|
|
<tr>
|
|
<td class="lastNote" colspan="4">In-chart note: Payable benefits as a percentage of scheduled benefits:
|
|
<ul>
|
|
<li><span class="nobr">2009–2036</span>: 100 percent</li>
|
|
<li>2037: 76 percent</li>
|
|
<li>2083: 73 percent</li>
|
|
</ul>
|
|
</td>
|
|
</tr>
|
|
</tfoot>
|
|
</table>
|
|
</div>
|
|
<div class="onlyNote">SOURCE: <i>2009 Social Security Trustees Report,</i> Figure <abbr title="two">II</abbr>.D2 and Table <abbr title="four">IV</abbr>.B1.</div>
|
|
</div>
|
|
</div>
|
|
<p>Because the combined <abbr class="spell">OASI</abbr> and <abbr class="spell">DI</abbr> Trust Funds have accumulated assets of over $2.5 trillion, the excess of program cost over current tax income will be covered by net redemption of these assets in the coming years. It is only when the reserves in the trust funds are exhausted that timely payment of full scheduled benefits becomes an issue. As shown in the chart, at the time of projected trust fund exhaustion in 2037, continuing tax revenue is expected to be sufficient to cover 76 percent of the currently scheduled benefits. This precipitous drop in the level of benefits that would be payable in the absence of any legislative action between now and 2037 is the principal and most significant early warning provided in the <i>2009 Trustees Report</i>.</p>
|
|
<p>Historically, the <abbr class="spell">OASI</abbr> and <abbr class="spell">DI</abbr> Trust Funds have reached times where dedicated tax revenue fell short of the cost of providing benefits and also times where the trust funds have reached the brink of exhaustion of assets. For years 1973 through 1983, the combined <abbr class="spell">OASI</abbr> and <abbr class="spell">DI</abbr> Trust Funds were operating with a negative cash flow that was depleting the trust fund reserves toward exhaustion (see Chart 3). The Social Security Amendments of 1977 and 1983 made substantial modifications to the program that reversed the cash flow of the program to positive levels and caused the substantial buildup of assets to the $2.5 trillion that exists today. The 1977 amendments included a fundamental change in the indexation of benefits from one generation to the next. The 1983 amendments included increases in the normal retirement age (<abbr class="spell">NRA</abbr>) from 65 to 67 and the introduction of income taxation of Social Security benefits with revenue credited to the trust funds.</p>
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<div class="chartCenter">
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|
<div class="chart700">
|
|
<div class="title" id="chart3">Chart 3.<br><abbr class="spell">OASDI</abbr> net cash flows as a percentage of gross domestic product (<abbr class="spell">GDP</abbr>), <span class="nobr">1957–2009</span></div>
|
|
<div class="scrollChart"><img src="v70n3p111_chart03.gif" alt="Line chart with tabular version below." width="700" height="342" /></div>
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<div class="table altTable"><a class="altToggle" href="">Show as table</a>
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<table>
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<caption><span class="tableNumber">Table equivalent for Chart 3. </span><abbr class="spell">OASDI</abbr> net cash flows as a percentage of gross domestic product (<abbr class="spell">GDP</abbr>), <span class="nobr">1957–2009</span></caption>
|
|
<colgroup span="1" style="width:5em"></colgroup>
|
|
<colgroup span="1" style="width:5em"></colgroup>
|
|
<thead>
|
|
<tr>
|
|
<th class="stubHeading" scope="col">Year</th>
|
|
<th scope="col">Percentage of <abbr class="spell">GDP</abbr></th>
|
|
</tr>
|
|
</thead>
|
|
<tbody>
|
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<tr>
|
|
<th class="stub0" scope="row">1957</th>
|
|
<td>-0.01</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1958</th>
|
|
<td>-0.08</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1959</th>
|
|
<td>-0.37</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1960</th>
|
|
<td>0.02</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1961</th>
|
|
<td>-0.20</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1962</th>
|
|
<td>-0.35</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1963</th>
|
|
<td>-0.09</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1964</th>
|
|
<td>-0.03</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1965</th>
|
|
<td>0.10</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1966</th>
|
|
<td>0.22</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1967</th>
|
|
<td>0.37</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1968</th>
|
|
<td>0.16</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1969</th>
|
|
<td>0.42</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1970</th>
|
|
<td>0.20</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1971</th>
|
|
<td>0.03</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1972</th>
|
|
<td>0.01</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1973</th>
|
|
<td>-0.05</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1974</th>
|
|
<td>-0.08</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1975</th>
|
|
<td>-0.27</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1976</th>
|
|
<td>-0.33</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1977</th>
|
|
<td>-0.38</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1978</th>
|
|
<td>-0.28</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1979</th>
|
|
<td>-0.14</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1980</th>
|
|
<td>-0.22</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1981</th>
|
|
<td>-0.13</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1982</th>
|
|
<td>-0.04</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1983</th>
|
|
<td>-0.23</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1984</th>
|
|
<td>0.07</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1985</th>
|
|
<td>0.20</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1986</th>
|
|
<td>0.02</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1987</th>
|
|
<td>0.35</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1988</th>
|
|
<td>0.64</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1989</th>
|
|
<td>0.74</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1990</th>
|
|
<td>0.78</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1991</th>
|
|
<td>0.56</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1992</th>
|
|
<td>0.40</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1993</th>
|
|
<td>0.28</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1994</th>
|
|
<td>0.38</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1995</th>
|
|
<td>0.33</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1996</th>
|
|
<td>0.41</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1997</th>
|
|
<td>0.54</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1998</th>
|
|
<td>0.66</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1999</th>
|
|
<td>0.84</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2000</th>
|
|
<td>0.89</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2001</th>
|
|
<td>0.88</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2002</th>
|
|
<td>0.80</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2003</th>
|
|
<td>0.61</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2004</th>
|
|
<td>0.57</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2005</th>
|
|
<td>0.61</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2006</th>
|
|
<td>0.65</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2007</th>
|
|
<td>0.57</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2008</th>
|
|
<td>0.44</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2009</th>
|
|
<td>0.02</td>
|
|
</tr>
|
|
</tbody>
|
|
<tfoot>
|
|
<tr>
|
|
<td class="onlyNote" colspan="2">In-chart notes:
|
|
<ul>
|
|
<li>Payroll tax rate rises from 6 percent in 1961 to 9 percent in 1971 as program matures.</li>
|
|
<li>Amendments were passed in 1972, 1977, and 1983.</li>
|
|
<li>In the 2000s, trust fund assets build, holding down publicly held debt.</li>
|
|
</ul>
|
|
</td>
|
|
</tr>
|
|
</tfoot>
|
|
</table>
|
|
</div>
|
|
<div class="onlyNote">SOURCE: Social Security Administration, Office of the Chief Actuary.</div>
|
|
</div>
|
|
</div>
|
|
<p>However, the occurrence of a negative cash flow, when tax revenue alone is insufficient to pay full scheduled benefits, does not necessarily mean that the trust funds are moving toward exhaustion. In fact, in a perfectly <span class="nobr">pay-as-you-go</span> (<abbr title="pay go">PAYGO</abbr>) financing approach, with the assets in the trust fund maintained consistently at the level of a "contingency reserve" targeted at one year's cost for the program, the program might well be in a position of having negative cash flow on a permanent basis. This would occur when the interest rate on the trust fund assets is greater than the rate of growth in program cost. In this case, interest on the trust fund assets would be more than enough to grow the assets as fast as program cost, leaving some of the interest available to augment current tax revenue to meet current cost. Under the trustees' current intermediate assumptions, the <span class="nobr">long-term</span> average real interest rate is assumed at 2.9 percent, and real growth of <abbr class="spell">OASDI</abbr> program cost (growth in excess of price inflation) is projected to average about 1.6 percent from 2030 to 2080. Thus, if program modifications are made to maintain a consistent level of trust fund assets in the future, interest on those assets would generally augment current tax income in the payment of scheduled benefits.</p>
|
|
<p>A cash flow shortfall, therefore, is only a problem if it is large and persistent enough to cause the trust fund reserves to decline over time toward exhaustion. It is for this reason that past major reforms of the Social Security program, specifically those in 1977 and 1983, occurred as the trust fund asset levels were approaching exhaustion. In fact, by the time of the enactment of the 1983 amendments, the <abbr class="spell">OASI</abbr> Trust Fund had reached the point where it would have been unable to fully meet benefit payments. Special legislation was enacted to provide temporary borrowing authority by the <abbr class="spell">OASI</abbr> fund from the <abbr class="spell">DI</abbr> and <abbr class="spell">HI</abbr> Trust Funds to assure continued payment of benefits by all programs while the Congress developed and enacted the 1983 amendments.</p>
|
|
<p>The 1983 Amendments to the Social Security Act reinforced the importance of advance planning for the program. Many have observed that because the trustees produce long-range projections each year and convey these projections to the Congress and the American people, the financing shortfalls facing the <abbr class="spell">OASDI</abbr> program are small in comparison with many other countries. All policymakers agree that this substantial advance warning is important for adequate understanding of the actuarial status and for development of the most appropriate solution to meet the needs and desires of the American people.</p>
|
|
<p>With the advance warning afforded by the trustees' presentation of the actuarial status of the trust funds, we have the opportunity to enact legislation with changes in the program's scheduled revenues and benefits that need not actually take effect for many years in the future. This approach allows those who will be affected by the changes to have substantial advance warning, allowing them to plan for the changes ahead. It also allows changes to be phased in on a gradual basis so that there will not be sharp breaks in the benefit or tax levels faced by succeeding generations in the future. A prime example of this approach was the increase in the <abbr class="spell">NRA</abbr>—the age at which retirement benefits may be started with no reduction for early retirement—from 65 to 67, enacted in the 1983 Amendments to the Social Security Act. This change only began to be phased in for individuals reaching age 62 in 2000, 17 years after enactment. The full increase of the <abbr class="spell">NRA</abbr> to age 67 will not be complete until 2022.</p>
|
|
<h2><abbr class="spell">OASI</abbr> and <abbr class="spell">DI</abbr> Trust Funds Separately</h2>
|
|
<p>Although the financial status of the Social Security program is most often considered on a combined basis, as though there were just one trust fund, there are in fact two separate trust funds—one for the <abbr class="spell">OASI</abbr> program and the other for the <abbr class="spell">DI</abbr> program. <span class="nobr">Old-age</span> benefits were enacted in 1935 and started to be paid on a monthly basis in 1940. Benefits for disabled workers below the <abbr class="spell">NRA</abbr> were not enacted into law until 1956. A separate trust fund has been maintained for the <abbr class="spell">DI</abbr> program ever since that time, in part in recognition of the special nature of disability and a desire to maintain separate focus on the financing of these benefits.</p>
|
|
<p>Currently, the <abbr class="spell">DI</abbr> program is projected to have a less favorable actuarial status than the <abbr class="spell">OASI</abbr> program. <abbr class="spell">DI</abbr> Trust Fund exhaustion is projected for 2020 under the trustees' intermediate assumptions in the <i>2009 Trustees Report</i>. Trust fund exhaustion is projected for 2038 for the <abbr class="spell">OASI</abbr> fund separately. The proximity of the trust fund exhaustion for the <abbr class="spell">DI</abbr> program requires special attention. Since 1983, <abbr class="spell">DI</abbr> program cost has risen above expectations to a much greater degree than has <abbr class="spell">OASI</abbr> program cost. This is not very surprising, as the benefits under the <abbr class="spell">OASI</abbr> program are far more predictable than those under the <abbr class="spell">DI</abbr> program.</p>
|
|
<p>Taken from the <i>2009 Trustees Report</i>, Chart 4 illustrates the different projections for the <abbr class="spell">OASI</abbr> and <abbr class="spell">DI</abbr> Trust Funds. In addition to the much sooner projected trust fund exhaustion for the <abbr class="spell">DI</abbr> program under the intermediate alternative <abbr title="two">II</abbr> assumptions, the chart shows the even greater uncertainty around <abbr class="spell">DI</abbr> cost and actuarial status than for the <abbr class="spell">OASI</abbr> program.<sup><a href="#mn5" id="mt5">5</a></sup></p>
|
|
<div class="chartCenter">
|
|
<div class="chart700">
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<div class="title" id="chart4">Chart 4.<br><abbr class="spell">OASI</abbr> and <abbr class="spell">DI</abbr> Trust Fund assets as a percentage of program costs, <span class="nobr">1990–2008</span>, projected under alternative assumptions, <span class="nobr">2009–2085</span></div>
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<div class="scrollChart"><img src="v70n3p111_chart04.gif" alt="Line chart with tabular version below." width="700" height="346" /></div>
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<div class="table altTable"><a class="altToggle" href="">Show as table</a>
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<table>
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<caption><span class="tableNumber">Table equivalent for Chart 4. </span><abbr class="spell">OASI</abbr> and <abbr class="spell">DI</abbr> Trust Fund assets as a percentage of program costs, <span class="nobr">1990–2008</span>, projected under alternative assumptions, <span class="nobr">2009–2085</span></caption>
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<colgroup span="1" style="width:5em"></colgroup>
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<colgroup span="8" style="width:6em"></colgroup>
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<thead>
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<tr>
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<th class="stubHeading" rowspan="3" id="c1">Year</th>
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<th class="spanner" colspan="8" id="c2">Asset/cost ratio (%)</th>
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</tr>
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<tr>
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<th class="spanner" colspan="4" id="c3" headers="c2"><abbr class="spell">OASI</abbr></th>
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<th class="spanner" colspan="4" id="c4" headers="c2"><abbr class="spell">DI</abbr></th>
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</tr>
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<tr>
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<th id="c5" headers="c2 c3">Historical</th>
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<th id="c6" headers="c2 c3">Alternative <abbr title="one">I</abbr></th>
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<th id="c7" headers="c2 c3">Alternative <abbr title="two">II</abbr></th>
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<th id="c8" headers="c2 c3">Alternative <abbr title="three">III</abbr></th>
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<th id="c9" headers="c2 c4">Historical</th>
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<th id="c10" headers="c2 c4">Alternative <abbr title="one">I</abbr></th>
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<th id="c11" headers="c2 c4">Alternative <abbr title="two">II</abbr></th>
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<th id="c12" headers="c2 c4">Alternative <abbr title="three">III</abbr></th>
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</tr>
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</thead>
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<tbody>
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<tr>
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<th class="stub0" id="r1" headers="c1">1990</th>
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<td headers="r1 c2 c3 c5">78.50</td>
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<td headers="r1 c2 c3 c6"> </td>
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<td headers="r1 c2 c3 c7"> </td>
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<td headers="r1 c2 c3 c8"> </td>
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<td headers="r1 c2 c4 c9">40.40</td>
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<td headers="r1 c2 c4 c10"> </td>
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<td headers="r1 c2 c4 c11"> </td>
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<td headers="r1 c2 c4 c12"> </td>
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</tr>
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<tr>
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<th class="stub0" id="r2" headers="c1">1991</th>
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<td headers="r2 c2 c3 c5">87.20</td>
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<td headers="r2 c2 c3 c6"> </td>
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<td headers="r2 c2 c3 c7"> </td>
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<td headers="r2 c2 c3 c8"> </td>
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<td headers="r2 c2 c4 c9">38.78</td>
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<td headers="r2 c2 c4 c10"> </td>
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<td headers="r2 c2 c4 c11"> </td>
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<td headers="r2 c2 c4 c12"> </td>
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</tr>
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<tr>
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<th class="stub0" id="r3" headers="c1">1992</th>
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<td headers="r3 c2 c3 c5">103.07</td>
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<td headers="r3 c2 c3 c6"> </td>
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<td headers="r3 c2 c3 c7"> </td>
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<td headers="r3 c2 c3 c8"> </td>
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<td headers="r3 c2 c4 c9">40.30</td>
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<td headers="r3 c2 c4 c10"> </td>
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<td headers="r3 c2 c4 c11"> </td>
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<td headers="r3 c2 c4 c12"> </td>
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</tr>
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<tr>
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<th class="stub0" id="r4" headers="c1">1993</th>
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<td headers="r4 c2 c3 c5">116.86</td>
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<td headers="r4 c2 c3 c6"> </td>
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<td headers="r4 c2 c3 c7"> </td>
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<td headers="r4 c2 c3 c8"> </td>
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<td headers="r4 c2 c4 c9">34.56</td>
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<td headers="r4 c2 c4 c10"> </td>
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<td headers="r4 c2 c4 c11"> </td>
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<td headers="r4 c2 c4 c12"> </td>
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</tr>
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<tr>
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<th class="stub0" id="r5" headers="c1">1994</th>
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<td headers="r5 c2 c3 c5">129.98</td>
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<td headers="r5 c2 c3 c6"> </td>
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<td headers="r5 c2 c3 c7"> </td>
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<td headers="r5 c2 c3 c8"> </td>
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<td headers="r5 c2 c4 c9">23.05</td>
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<td headers="r5 c2 c4 c10"> </td>
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<td headers="r5 c2 c4 c11"> </td>
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<td headers="r5 c2 c4 c12"> </td>
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</tr>
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<tr>
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<th class="stub0" id="r6" headers="c1">1995</th>
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<td headers="r6 c2 c3 c5">138.86</td>
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<td headers="r6 c2 c3 c6"> </td>
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<td headers="r6 c2 c3 c7"> </td>
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<td headers="r6 c2 c3 c8"> </td>
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<td headers="r6 c2 c4 c9">54.51</td>
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<td headers="r6 c2 c4 c10"> </td>
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<td headers="r6 c2 c4 c11"> </td>
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<td headers="r6 c2 c4 c12"> </td>
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</tr>
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<tr>
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<th class="stub0" id="r7" headers="c1">1996</th>
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<td headers="r7 c2 c3 c5">148.76</td>
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<td headers="r7 c2 c3 c6"> </td>
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<td headers="r7 c2 c3 c7"> </td>
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<td headers="r7 c2 c3 c8"> </td>
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<td headers="r7 c2 c4 c9">82.83</td>
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<td headers="r7 c2 c4 c10"> </td>
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<td headers="r7 c2 c4 c11"> </td>
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<td headers="r7 c2 c4 c12"> </td>
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</tr>
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<tr>
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<th class="stub0" id="r8" headers="c1">1997</th>
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<td headers="r8 c2 c3 c5">159.60</td>
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<td headers="r8 c2 c3 c6"> </td>
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<td headers="r8 c2 c3 c7"> </td>
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<td headers="r8 c2 c3 c8"> </td>
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<td headers="r8 c2 c4 c9">112.52</td>
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<td headers="r8 c2 c4 c10"> </td>
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<td headers="r8 c2 c4 c11"> </td>
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<td headers="r8 c2 c4 c12"> </td>
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</tr>
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<tr>
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<th class="stub0" id="r9" headers="c1">1998</th>
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<td headers="r9 c2 c3 c5">177.27</td>
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<td headers="r9 c2 c3 c6"> </td>
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<td headers="r9 c2 c3 c7"> </td>
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<td headers="r9 c2 c3 c8"> </td>
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<td headers="r9 c2 c4 c9">132.96</td>
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<td headers="r9 c2 c4 c10"> </td>
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<td headers="r9 c2 c4 c11"> </td>
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<td headers="r9 c2 c4 c12"> </td>
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</tr>
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<tr>
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<th class="stub0" id="r10" headers="c1">1999</th>
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<td headers="r10 c2 c3 c5">200.56</td>
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<td headers="r10 c2 c3 c6"> </td>
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|
<td headers="r10 c2 c3 c7"> </td>
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<td headers="r10 c2 c3 c8"> </td>
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<td headers="r10 c2 c4 c9">152.38</td>
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<td headers="r10 c2 c4 c10"> </td>
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<td headers="r10 c2 c4 c11"> </td>
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<td headers="r10 c2 c4 c12"> </td>
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</tr>
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<tr>
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<th class="stub0" id="r11" headers="c1">2000</th>
|
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<td headers="r11 c2 c3 c5">222.92</td>
|
|
<td headers="r11 c2 c3 c6"> </td>
|
|
<td headers="r11 c2 c3 c7"> </td>
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|
<td headers="r11 c2 c3 c8"> </td>
|
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<td headers="r11 c2 c4 c9">171.39</td>
|
|
<td headers="r11 c2 c4 c10"> </td>
|
|
<td headers="r11 c2 c4 c11"> </td>
|
|
<td headers="r11 c2 c4 c12"> </td>
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</tr>
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<tr>
|
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<th class="stub0" id="r12" headers="c1">2001</th>
|
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<td headers="r12 c2 c3 c5">246.59</td>
|
|
<td headers="r12 c2 c3 c6"> </td>
|
|
<td headers="r12 c2 c3 c7"> </td>
|
|
<td headers="r12 c2 c3 c8"> </td>
|
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<td headers="r12 c2 c4 c9">193.03</td>
|
|
<td headers="r12 c2 c4 c10"> </td>
|
|
<td headers="r12 c2 c4 c11"> </td>
|
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<td headers="r12 c2 c4 c12"> </td>
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</tr>
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<tr>
|
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<th class="stub0" id="r13" headers="c1">2002</th>
|
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<td headers="r13 c2 c3 c5">272.14</td>
|
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<td headers="r13 c2 c3 c6"> </td>
|
|
<td headers="r13 c2 c3 c7"> </td>
|
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<td headers="r13 c2 c3 c8"> </td>
|
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<td headers="r13 c2 c4 c9">207.63</td>
|
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<td headers="r13 c2 c4 c10"> </td>
|
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<td headers="r13 c2 c4 c11"> </td>
|
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<td headers="r13 c2 c4 c12"> </td>
|
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</tr>
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<tr>
|
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<th class="stub0" id="r14" headers="c1">2003</th>
|
|
<td headers="r14 c2 c3 c5">299.89</td>
|
|
<td headers="r14 c2 c3 c6"> </td>
|
|
<td headers="r14 c2 c3 c7"> </td>
|
|
<td headers="r14 c2 c3 c8"> </td>
|
|
<td headers="r14 c2 c4 c9">219.49</td>
|
|
<td headers="r14 c2 c4 c10"> </td>
|
|
<td headers="r14 c2 c4 c11"> </td>
|
|
<td headers="r14 c2 c4 c12"> </td>
|
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</tr>
|
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<tr>
|
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<th class="stub0" id="r15" headers="c1">2004</th>
|
|
<td headers="r15 c2 c3 c5">321.90</td>
|
|
<td headers="r15 c2 c3 c6"> </td>
|
|
<td headers="r15 c2 c3 c7"> </td>
|
|
<td headers="r15 c2 c3 c8"> </td>
|
|
<td headers="r15 c2 c4 c9">217.67</td>
|
|
<td headers="r15 c2 c4 c10"> </td>
|
|
<td headers="r15 c2 c4 c11"> </td>
|
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<td headers="r15 c2 c4 c12"> </td>
|
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</tr>
|
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<tr>
|
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<th class="stub0" id="r16" headers="c1">2005</th>
|
|
<td headers="r16 c2 c3 c5">339.57</td>
|
|
<td headers="r16 c2 c3 c6"> </td>
|
|
<td headers="r16 c2 c3 c7"> </td>
|
|
<td headers="r16 c2 c3 c8"> </td>
|
|
<td headers="r16 c2 c4 c9">211.57</td>
|
|
<td headers="r16 c2 c4 c10"> </td>
|
|
<td headers="r16 c2 c4 c11"> </td>
|
|
<td headers="r16 c2 c4 c12"> </td>
|
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</tr>
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<tr>
|
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<th class="stub0" id="r17" headers="c1">2006</th>
|
|
<td headers="r17 c2 c3 c5">360.77</td>
|
|
<td headers="r17 c2 c3 c6"> </td>
|
|
<td headers="r17 c2 c3 c7"> </td>
|
|
<td headers="r17 c2 c3 c8"> </td>
|
|
<td headers="r17 c2 c4 c9">207.10</td>
|
|
<td headers="r17 c2 c4 c10"> </td>
|
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<td headers="r17 c2 c4 c11"> </td>
|
|
<td headers="r17 c2 c4 c12"> </td>
|
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</tr>
|
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<tr>
|
|
<th class="stub0" id="r18" headers="c1">2007</th>
|
|
<td headers="r18 c2 c3 c5">372.04</td>
|
|
<td headers="r18 c2 c3 c6"> </td>
|
|
<td headers="r18 c2 c3 c7"> </td>
|
|
<td headers="r18 c2 c3 c8"> </td>
|
|
<td headers="r18 c2 c4 c9">206.33</td>
|
|
<td headers="r18 c2 c4 c10"> </td>
|
|
<td headers="r18 c2 c4 c11"> </td>
|
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<td headers="r18 c2 c4 c12"> </td>
|
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</tr>
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<tr>
|
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<th class="stub0" id="r19" headers="c1">2008</th>
|
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<td headers="r19 c2 c3 c5"> </td>
|
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<td headers="r19 c2 c3 c6">392.03</td>
|
|
<td headers="r19 c2 c3 c7">392.03</td>
|
|
<td headers="r19 c2 c3 c8">392.03</td>
|
|
<td headers="r19 c2 c4 c9"> </td>
|
|
<td headers="r19 c2 c4 c10">197.23</td>
|
|
<td headers="r19 c2 c4 c11">197.23</td>
|
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<td headers="r19 c2 c4 c12">197.23</td>
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</tr>
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<tr>
|
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<th class="stub0" id="r20" headers="c1">2009</th>
|
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<td headers="r20 c2 c3 c5"> </td>
|
|
<td headers="r20 c2 c3 c6">392.24</td>
|
|
<td headers="r20 c2 c3 c7">392.10</td>
|
|
<td headers="r20 c2 c3 c8">391.90</td>
|
|
<td headers="r20 c2 c4 c9"> </td>
|
|
<td headers="r20 c2 c4 c10">182.13</td>
|
|
<td headers="r20 c2 c4 c11">178.81</td>
|
|
<td headers="r20 c2 c4 c12">175.59</td>
|
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</tr>
|
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<tr>
|
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<th class="stub0" id="r21" headers="c1">2010</th>
|
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<td headers="r21 c2 c3 c5"> </td>
|
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<td headers="r21 c2 c3 c6">405.25</td>
|
|
<td headers="r21 c2 c3 c7">404.26</td>
|
|
<td headers="r21 c2 c3 c8">403.63</td>
|
|
<td headers="r21 c2 c4 c9"> </td>
|
|
<td headers="r21 c2 c4 c10">168.89</td>
|
|
<td headers="r21 c2 c4 c11">160.75</td>
|
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<td headers="r21 c2 c4 c12">153.66</td>
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</tr>
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<tr>
|
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<th class="stub0" id="r22" headers="c1">2011</th>
|
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<td headers="r22 c2 c3 c5"> </td>
|
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<td headers="r22 c2 c3 c6">418.88</td>
|
|
<td headers="r22 c2 c3 c7">415.67</td>
|
|
<td headers="r22 c2 c3 c8">413.12</td>
|
|
<td headers="r22 c2 c4 c9"> </td>
|
|
<td headers="r22 c2 c4 c10">158.97</td>
|
|
<td headers="r22 c2 c4 c11">143.97</td>
|
|
<td headers="r22 c2 c4 c12">131.91</td>
|
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</tr>
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<tr>
|
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<th class="stub0" id="r23" headers="c1">2012</th>
|
|
<td headers="r23 c2 c3 c5"> </td>
|
|
<td headers="r23 c2 c3 c6">432.41</td>
|
|
<td headers="r23 c2 c3 c7">421.55</td>
|
|
<td headers="r23 c2 c3 c8">413.30</td>
|
|
<td headers="r23 c2 c4 c9"> </td>
|
|
<td headers="r23 c2 c4 c10">152.21</td>
|
|
<td headers="r23 c2 c4 c11">127.51</td>
|
|
<td headers="r23 c2 c4 c12">108.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r24" headers="c1">2013</th>
|
|
<td headers="r24 c2 c3 c5"> </td>
|
|
<td headers="r24 c2 c3 c6">439.27</td>
|
|
<td headers="r24 c2 c3 c7">421.41</td>
|
|
<td headers="r24 c2 c3 c8">402.62</td>
|
|
<td headers="r24 c2 c4 c9"> </td>
|
|
<td headers="r24 c2 c4 c10">148.46</td>
|
|
<td headers="r24 c2 c4 c11">112.75</td>
|
|
<td headers="r24 c2 c4 c12">83.69</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r25" headers="c1">2014</th>
|
|
<td headers="r25 c2 c3 c5"> </td>
|
|
<td headers="r25 c2 c3 c6">444.26</td>
|
|
<td headers="r25 c2 c3 c7">418.84</td>
|
|
<td headers="r25 c2 c3 c8">384.01</td>
|
|
<td headers="r25 c2 c4 c9"> </td>
|
|
<td headers="r25 c2 c4 c10">147.46</td>
|
|
<td headers="r25 c2 c4 c11">98.31</td>
|
|
<td headers="r25 c2 c4 c12">56.87</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r26" headers="c1">2015</th>
|
|
<td headers="r26 c2 c3 c5"> </td>
|
|
<td headers="r26 c2 c3 c6">447.96</td>
|
|
<td headers="r26 c2 c3 c7">414.97</td>
|
|
<td headers="r26 c2 c3 c8">366.96</td>
|
|
<td headers="r26 c2 c4 c9"> </td>
|
|
<td headers="r26 c2 c4 c10">147.63</td>
|
|
<td headers="r26 c2 c4 c11">83.94</td>
|
|
<td headers="r26 c2 c4 c12">30.08</td>
|
|
</tr>
|
|
<tr>
|
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<th class="stub0" id="r27" headers="c1">2016</th>
|
|
<td headers="r27 c2 c3 c5"> </td>
|
|
<td headers="r27 c2 c3 c6">450.50</td>
|
|
<td headers="r27 c2 c3 c7">409.97</td>
|
|
<td headers="r27 c2 c3 c8">352.39</td>
|
|
<td headers="r27 c2 c4 c9"> </td>
|
|
<td headers="r27 c2 c4 c10">148.85</td>
|
|
<td headers="r27 c2 c4 c11">69.55</td>
|
|
<td headers="r27 c2 c4 c12">3.29</td>
|
|
</tr>
|
|
<tr>
|
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<th class="stub0" id="r28" headers="c1">2017</th>
|
|
<td headers="r28 c2 c3 c5"> </td>
|
|
<td headers="r28 c2 c3 c6">450.96</td>
|
|
<td headers="r28 c2 c3 c7">402.73</td>
|
|
<td headers="r28 c2 c3 c8">338.37</td>
|
|
<td headers="r28 c2 c4 c9"> </td>
|
|
<td headers="r28 c2 c4 c10">151.08</td>
|
|
<td headers="r28 c2 c4 c11">54.85</td>
|
|
<td headers="r28 c2 c4 c12"> </td>
|
|
</tr>
|
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<tr>
|
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<th class="stub0" id="r29" headers="c1">2018</th>
|
|
<td headers="r29 c2 c3 c5"> </td>
|
|
<td headers="r29 c2 c3 c6">449.94</td>
|
|
<td headers="r29 c2 c3 c7">393.70</td>
|
|
<td headers="r29 c2 c3 c8">323.21</td>
|
|
<td headers="r29 c2 c4 c9"> </td>
|
|
<td headers="r29 c2 c4 c10">154.60</td>
|
|
<td headers="r29 c2 c4 c11">39.94</td>
|
|
<td headers="r29 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r30" headers="c1">2019</th>
|
|
<td headers="r30 c2 c3 c5"> </td>
|
|
<td headers="r30 c2 c3 c6">446.61</td>
|
|
<td headers="r30 c2 c3 c7">382.63</td>
|
|
<td headers="r30 c2 c3 c8">306.70</td>
|
|
<td headers="r30 c2 c4 c9"> </td>
|
|
<td headers="r30 c2 c4 c10">158.65</td>
|
|
<td headers="r30 c2 c4 c11">24.71</td>
|
|
<td headers="r30 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r31" headers="c1">2020</th>
|
|
<td headers="r31 c2 c3 c5"> </td>
|
|
<td headers="r31 c2 c3 c6">442.06</td>
|
|
<td headers="r31 c2 c3 c7">370.11</td>
|
|
<td headers="r31 c2 c3 c8">288.23</td>
|
|
<td headers="r31 c2 c4 c9"> </td>
|
|
<td headers="r31 c2 c4 c10">163.62</td>
|
|
<td headers="r31 c2 c4 c11">9.24</td>
|
|
<td headers="r31 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r32" headers="c1">2021</th>
|
|
<td headers="r32 c2 c3 c5"> </td>
|
|
<td headers="r32 c2 c3 c6">437.13</td>
|
|
<td headers="r32 c2 c3 c7">356.92</td>
|
|
<td headers="r32 c2 c3 c8">268.50</td>
|
|
<td headers="r32 c2 c4 c9"> </td>
|
|
<td headers="r32 c2 c4 c10">168.82</td>
|
|
<td headers="r32 c2 c4 c11"> </td>
|
|
<td headers="r32 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r33" headers="c1">2022</th>
|
|
<td headers="r33 c2 c3 c5"> </td>
|
|
<td headers="r33 c2 c3 c6">432.06</td>
|
|
<td headers="r33 c2 c3 c7">343.27</td>
|
|
<td headers="r33 c2 c3 c8">247.73</td>
|
|
<td headers="r33 c2 c4 c9"> </td>
|
|
<td headers="r33 c2 c4 c10">173.71</td>
|
|
<td headers="r33 c2 c4 c11"> </td>
|
|
<td headers="r33 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r34" headers="c1">2023</th>
|
|
<td headers="r34 c2 c3 c5"> </td>
|
|
<td headers="r34 c2 c3 c6">426.36</td>
|
|
<td headers="r34 c2 c3 c7">328.79</td>
|
|
<td headers="r34 c2 c3 c8">225.72</td>
|
|
<td headers="r34 c2 c4 c9"> </td>
|
|
<td headers="r34 c2 c4 c10">178.73</td>
|
|
<td headers="r34 c2 c4 c11"> </td>
|
|
<td headers="r34 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r35" headers="c1">2024</th>
|
|
<td headers="r35 c2 c3 c5"> </td>
|
|
<td headers="r35 c2 c3 c6">420.20</td>
|
|
<td headers="r35 c2 c3 c7">313.58</td>
|
|
<td headers="r35 c2 c3 c8">202.60</td>
|
|
<td headers="r35 c2 c4 c9"> </td>
|
|
<td headers="r35 c2 c4 c10">183.94</td>
|
|
<td headers="r35 c2 c4 c11"> </td>
|
|
<td headers="r35 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r36" headers="c1">2025</th>
|
|
<td headers="r36 c2 c3 c5"> </td>
|
|
<td headers="r36 c2 c3 c6">413.43</td>
|
|
<td headers="r36 c2 c3 c7">297.51</td>
|
|
<td headers="r36 c2 c3 c8">178.52</td>
|
|
<td headers="r36 c2 c4 c9"> </td>
|
|
<td headers="r36 c2 c4 c10">189.17</td>
|
|
<td headers="r36 c2 c4 c11"> </td>
|
|
<td headers="r36 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r37" headers="c1">2026</th>
|
|
<td headers="r37 c2 c3 c5"> </td>
|
|
<td headers="r37 c2 c3 c6">406.14</td>
|
|
<td headers="r37 c2 c3 c7">280.68</td>
|
|
<td headers="r37 c2 c3 c8">153.56</td>
|
|
<td headers="r37 c2 c4 c9"> </td>
|
|
<td headers="r37 c2 c4 c10">194.50</td>
|
|
<td headers="r37 c2 c4 c11"> </td>
|
|
<td headers="r37 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r38" headers="c1">2027</th>
|
|
<td headers="r38 c2 c3 c5"> </td>
|
|
<td headers="r38 c2 c3 c6">397.91</td>
|
|
<td headers="r38 c2 c3 c7">262.79</td>
|
|
<td headers="r38 c2 c3 c8">127.57</td>
|
|
<td headers="r38 c2 c4 c9"> </td>
|
|
<td headers="r38 c2 c4 c10">201.12</td>
|
|
<td headers="r38 c2 c4 c11"> </td>
|
|
<td headers="r38 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r39" headers="c1">2028</th>
|
|
<td headers="r39 c2 c3 c5"> </td>
|
|
<td headers="r39 c2 c3 c6">388.87</td>
|
|
<td headers="r39 c2 c3 c7">243.94</td>
|
|
<td headers="r39 c2 c3 c8">100.62</td>
|
|
<td headers="r39 c2 c4 c9"> </td>
|
|
<td headers="r39 c2 c4 c10">209.75</td>
|
|
<td headers="r39 c2 c4 c11"> </td>
|
|
<td headers="r39 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r40" headers="c1">2029</th>
|
|
<td headers="r40 c2 c3 c5"> </td>
|
|
<td headers="r40 c2 c3 c6">379.83</td>
|
|
<td headers="r40 c2 c3 c7">224.51</td>
|
|
<td headers="r40 c2 c3 c8">72.78</td>
|
|
<td headers="r40 c2 c4 c9"> </td>
|
|
<td headers="r40 c2 c4 c10">220.96</td>
|
|
<td headers="r40 c2 c4 c11"> </td>
|
|
<td headers="r40 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r41" headers="c1">2030</th>
|
|
<td headers="r41 c2 c3 c5"> </td>
|
|
<td headers="r41 c2 c3 c6">370.46</td>
|
|
<td headers="r41 c2 c3 c7">204.45</td>
|
|
<td headers="r41 c2 c3 c8">44.09</td>
|
|
<td headers="r41 c2 c4 c9"> </td>
|
|
<td headers="r41 c2 c4 c10">234.09</td>
|
|
<td headers="r41 c2 c4 c11"> </td>
|
|
<td headers="r41 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r42" headers="c1">2031</th>
|
|
<td headers="r42 c2 c3 c5"> </td>
|
|
<td headers="r42 c2 c3 c6">361.05</td>
|
|
<td headers="r42 c2 c3 c7">183.89</td>
|
|
<td headers="r42 c2 c3 c8">14.59</td>
|
|
<td headers="r42 c2 c4 c9"> </td>
|
|
<td headers="r42 c2 c4 c10">249.01</td>
|
|
<td headers="r42 c2 c4 c11"> </td>
|
|
<td headers="r42 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r43" headers="c1">2032</th>
|
|
<td headers="r43 c2 c3 c5"> </td>
|
|
<td headers="r43 c2 c3 c6">351.72</td>
|
|
<td headers="r43 c2 c3 c7">162.90</td>
|
|
<td headers="r43 c2 c3 c8"> </td>
|
|
<td headers="r43 c2 c4 c9"> </td>
|
|
<td headers="r43 c2 c4 c10">265.32</td>
|
|
<td headers="r43 c2 c4 c11"> </td>
|
|
<td headers="r43 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r44" headers="c1">2033</th>
|
|
<td headers="r44 c2 c3 c5"> </td>
|
|
<td headers="r44 c2 c3 c6">342.62</td>
|
|
<td headers="r44 c2 c3 c7">141.56</td>
|
|
<td headers="r44 c2 c3 c8"> </td>
|
|
<td headers="r44 c2 c4 c9"> </td>
|
|
<td headers="r44 c2 c4 c10">282.69</td>
|
|
<td headers="r44 c2 c4 c11"> </td>
|
|
<td headers="r44 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r45" headers="c1">2034</th>
|
|
<td headers="r45 c2 c3 c5"> </td>
|
|
<td headers="r45 c2 c3 c6">333.86</td>
|
|
<td headers="r45 c2 c3 c7">119.92</td>
|
|
<td headers="r45 c2 c3 c8"> </td>
|
|
<td headers="r45 c2 c4 c9"> </td>
|
|
<td headers="r45 c2 c4 c10">301.12</td>
|
|
<td headers="r45 c2 c4 c11"> </td>
|
|
<td headers="r45 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r46" headers="c1">2035</th>
|
|
<td headers="r46 c2 c3 c5"> </td>
|
|
<td headers="r46 c2 c3 c6">325.41</td>
|
|
<td headers="r46 c2 c3 c7">97.96</td>
|
|
<td headers="r46 c2 c3 c8"> </td>
|
|
<td headers="r46 c2 c4 c9"> </td>
|
|
<td headers="r46 c2 c4 c10">320.74</td>
|
|
<td headers="r46 c2 c4 c11"> </td>
|
|
<td headers="r46 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r47" headers="c1">2036</th>
|
|
<td headers="r47 c2 c3 c5"> </td>
|
|
<td headers="r47 c2 c3 c6">317.25</td>
|
|
<td headers="r47 c2 c3 c7">75.71</td>
|
|
<td headers="r47 c2 c3 c8"> </td>
|
|
<td headers="r47 c2 c4 c9"> </td>
|
|
<td headers="r47 c2 c4 c10">341.60</td>
|
|
<td headers="r47 c2 c4 c11"> </td>
|
|
<td headers="r47 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r48" headers="c1">2037</th>
|
|
<td headers="r48 c2 c3 c5"> </td>
|
|
<td headers="r48 c2 c3 c6">309.45</td>
|
|
<td headers="r48 c2 c3 c7">53.16</td>
|
|
<td headers="r48 c2 c3 c8"> </td>
|
|
<td headers="r48 c2 c4 c9"> </td>
|
|
<td headers="r48 c2 c4 c10">363.61</td>
|
|
<td headers="r48 c2 c4 c11"> </td>
|
|
<td headers="r48 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r49" headers="c1">2038</th>
|
|
<td headers="r49 c2 c3 c5"> </td>
|
|
<td headers="r49 c2 c3 c6">302.24</td>
|
|
<td headers="r49 c2 c3 c7">30.38</td>
|
|
<td headers="r49 c2 c3 c8"> </td>
|
|
<td headers="r49 c2 c4 c9"> </td>
|
|
<td headers="r49 c2 c4 c10">386.29</td>
|
|
<td headers="r49 c2 c4 c11"> </td>
|
|
<td headers="r49 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r50" headers="c1">2039</th>
|
|
<td headers="r50 c2 c3 c5"> </td>
|
|
<td headers="r50 c2 c3 c6">295.77</td>
|
|
<td headers="r50 c2 c3 c7">7.40</td>
|
|
<td headers="r50 c2 c3 c8"> </td>
|
|
<td headers="r50 c2 c4 c9"> </td>
|
|
<td headers="r50 c2 c4 c10">409.06</td>
|
|
<td headers="r50 c2 c4 c11"> </td>
|
|
<td headers="r50 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r51" headers="c1">2040</th>
|
|
<td headers="r51 c2 c3 c5"> </td>
|
|
<td headers="r51 c2 c3 c6">290.00</td>
|
|
<td headers="r51 c2 c3 c7"> </td>
|
|
<td headers="r51 c2 c3 c8"> </td>
|
|
<td headers="r51 c2 c4 c9"> </td>
|
|
<td headers="r51 c2 c4 c10">431.77</td>
|
|
<td headers="r51 c2 c4 c11"> </td>
|
|
<td headers="r51 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r52" headers="c1">2041</th>
|
|
<td headers="r52 c2 c3 c5"> </td>
|
|
<td headers="r52 c2 c3 c6">284.85</td>
|
|
<td headers="r52 c2 c3 c7"> </td>
|
|
<td headers="r52 c2 c3 c8"> </td>
|
|
<td headers="r52 c2 c4 c9"> </td>
|
|
<td headers="r52 c2 c4 c10">454.57</td>
|
|
<td headers="r52 c2 c4 c11"> </td>
|
|
<td headers="r52 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r53" headers="c1">2042</th>
|
|
<td headers="r53 c2 c3 c5"> </td>
|
|
<td headers="r53 c2 c3 c6">280.28</td>
|
|
<td headers="r53 c2 c3 c7"> </td>
|
|
<td headers="r53 c2 c3 c8"> </td>
|
|
<td headers="r53 c2 c4 c9"> </td>
|
|
<td headers="r53 c2 c4 c10">477.28</td>
|
|
<td headers="r53 c2 c4 c11"> </td>
|
|
<td headers="r53 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r54" headers="c1">2043</th>
|
|
<td headers="r54 c2 c3 c5"> </td>
|
|
<td headers="r54 c2 c3 c6">276.28</td>
|
|
<td headers="r54 c2 c3 c7"> </td>
|
|
<td headers="r54 c2 c3 c8"> </td>
|
|
<td headers="r54 c2 c4 c9"> </td>
|
|
<td headers="r54 c2 c4 c10">499.83</td>
|
|
<td headers="r54 c2 c4 c11"> </td>
|
|
<td headers="r54 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r55" headers="c1">2044</th>
|
|
<td headers="r55 c2 c3 c5"> </td>
|
|
<td headers="r55 c2 c3 c6">272.78</td>
|
|
<td headers="r55 c2 c3 c7"> </td>
|
|
<td headers="r55 c2 c3 c8"> </td>
|
|
<td headers="r55 c2 c4 c9"> </td>
|
|
<td headers="r55 c2 c4 c10">522.41</td>
|
|
<td headers="r55 c2 c4 c11"> </td>
|
|
<td headers="r55 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r56" headers="c1">2045</th>
|
|
<td headers="r56 c2 c3 c5"> </td>
|
|
<td headers="r56 c2 c3 c6">269.76</td>
|
|
<td headers="r56 c2 c3 c7"> </td>
|
|
<td headers="r56 c2 c3 c8"> </td>
|
|
<td headers="r56 c2 c4 c9"> </td>
|
|
<td headers="r56 c2 c4 c10">545.14</td>
|
|
<td headers="r56 c2 c4 c11"> </td>
|
|
<td headers="r56 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r57" headers="c1">2046</th>
|
|
<td headers="r57 c2 c3 c5"> </td>
|
|
<td headers="r57 c2 c3 c6">267.18</td>
|
|
<td headers="r57 c2 c3 c7"> </td>
|
|
<td headers="r57 c2 c3 c8"> </td>
|
|
<td headers="r57 c2 c4 c9"> </td>
|
|
<td headers="r57 c2 c4 c10">568.21</td>
|
|
<td headers="r57 c2 c4 c11"> </td>
|
|
<td headers="r57 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r58" headers="c1">2047</th>
|
|
<td headers="r58 c2 c3 c5"> </td>
|
|
<td headers="r58 c2 c3 c6">265.01</td>
|
|
<td headers="r58 c2 c3 c7"> </td>
|
|
<td headers="r58 c2 c3 c8"> </td>
|
|
<td headers="r58 c2 c4 c9"> </td>
|
|
<td headers="r58 c2 c4 c10">591.77</td>
|
|
<td headers="r58 c2 c4 c11"> </td>
|
|
<td headers="r58 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r59" headers="c1">2048</th>
|
|
<td headers="r59 c2 c3 c5"> </td>
|
|
<td headers="r59 c2 c3 c6">263.36</td>
|
|
<td headers="r59 c2 c3 c7"> </td>
|
|
<td headers="r59 c2 c3 c8"> </td>
|
|
<td headers="r59 c2 c4 c9"> </td>
|
|
<td headers="r59 c2 c4 c10">615.69</td>
|
|
<td headers="r59 c2 c4 c11"> </td>
|
|
<td headers="r59 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r60" headers="c1">2049</th>
|
|
<td headers="r60 c2 c3 c5"> </td>
|
|
<td headers="r60 c2 c3 c6">262.27</td>
|
|
<td headers="r60 c2 c3 c7"> </td>
|
|
<td headers="r60 c2 c3 c8"> </td>
|
|
<td headers="r60 c2 c4 c9"> </td>
|
|
<td headers="r60 c2 c4 c10">639.99</td>
|
|
<td headers="r60 c2 c4 c11"> </td>
|
|
<td headers="r60 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r61" headers="c1">2050</th>
|
|
<td headers="r61 c2 c3 c5"> </td>
|
|
<td headers="r61 c2 c3 c6">261.61</td>
|
|
<td headers="r61 c2 c3 c7"> </td>
|
|
<td headers="r61 c2 c3 c8"> </td>
|
|
<td headers="r61 c2 c4 c9"> </td>
|
|
<td headers="r61 c2 c4 c10">664.57</td>
|
|
<td headers="r61 c2 c4 c11"> </td>
|
|
<td headers="r61 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r62" headers="c1">2051</th>
|
|
<td headers="r62 c2 c3 c5"> </td>
|
|
<td headers="r62 c2 c3 c6">261.30</td>
|
|
<td headers="r62 c2 c3 c7"> </td>
|
|
<td headers="r62 c2 c3 c8"> </td>
|
|
<td headers="r62 c2 c4 c9"> </td>
|
|
<td headers="r62 c2 c4 c10">689.39</td>
|
|
<td headers="r62 c2 c4 c11"> </td>
|
|
<td headers="r62 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r63" headers="c1">2052</th>
|
|
<td headers="r63 c2 c3 c5"> </td>
|
|
<td headers="r63 c2 c3 c6">261.25</td>
|
|
<td headers="r63 c2 c3 c7"> </td>
|
|
<td headers="r63 c2 c3 c8"> </td>
|
|
<td headers="r63 c2 c4 c9"> </td>
|
|
<td headers="r63 c2 c4 c10">714.62</td>
|
|
<td headers="r63 c2 c4 c11"> </td>
|
|
<td headers="r63 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r64" headers="c1">2053</th>
|
|
<td headers="r64 c2 c3 c5"> </td>
|
|
<td headers="r64 c2 c3 c6">261.46</td>
|
|
<td headers="r64 c2 c3 c7"> </td>
|
|
<td headers="r64 c2 c3 c8"> </td>
|
|
<td headers="r64 c2 c4 c9"> </td>
|
|
<td headers="r64 c2 c4 c10">740.26</td>
|
|
<td headers="r64 c2 c4 c11"> </td>
|
|
<td headers="r64 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r65" headers="c1">2054</th>
|
|
<td headers="r65 c2 c3 c5"> </td>
|
|
<td headers="r65 c2 c3 c6">261.92</td>
|
|
<td headers="r65 c2 c3 c7"> </td>
|
|
<td headers="r65 c2 c3 c8"> </td>
|
|
<td headers="r65 c2 c4 c9"> </td>
|
|
<td headers="r65 c2 c4 c10">766.48</td>
|
|
<td headers="r65 c2 c4 c11"> </td>
|
|
<td headers="r65 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r66" headers="c1">2055</th>
|
|
<td headers="r66 c2 c3 c5"> </td>
|
|
<td headers="r66 c2 c3 c6">262.56</td>
|
|
<td headers="r66 c2 c3 c7"> </td>
|
|
<td headers="r66 c2 c3 c8"> </td>
|
|
<td headers="r66 c2 c4 c9"> </td>
|
|
<td headers="r66 c2 c4 c10">793.59</td>
|
|
<td headers="r66 c2 c4 c11"> </td>
|
|
<td headers="r66 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r67" headers="c1">2056</th>
|
|
<td headers="r67 c2 c3 c5"> </td>
|
|
<td headers="r67 c2 c3 c6">263.37</td>
|
|
<td headers="r67 c2 c3 c7"> </td>
|
|
<td headers="r67 c2 c3 c8"> </td>
|
|
<td headers="r67 c2 c4 c9"> </td>
|
|
<td headers="r67 c2 c4 c10">821.93</td>
|
|
<td headers="r67 c2 c4 c11"> </td>
|
|
<td headers="r67 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r68" headers="c1">2057</th>
|
|
<td headers="r68 c2 c3 c5"> </td>
|
|
<td headers="r68 c2 c3 c6">264.35</td>
|
|
<td headers="r68 c2 c3 c7"> </td>
|
|
<td headers="r68 c2 c3 c8"> </td>
|
|
<td headers="r68 c2 c4 c9"> </td>
|
|
<td headers="r68 c2 c4 c10">851.39</td>
|
|
<td headers="r68 c2 c4 c11"> </td>
|
|
<td headers="r68 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r69" headers="c1">2058</th>
|
|
<td headers="r69 c2 c3 c5"> </td>
|
|
<td headers="r69 c2 c3 c6">265.55</td>
|
|
<td headers="r69 c2 c3 c7"> </td>
|
|
<td headers="r69 c2 c3 c8"> </td>
|
|
<td headers="r69 c2 c4 c9"> </td>
|
|
<td headers="r69 c2 c4 c10">881.52</td>
|
|
<td headers="r69 c2 c4 c11"> </td>
|
|
<td headers="r69 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r70" headers="c1">2059</th>
|
|
<td headers="r70 c2 c3 c5"> </td>
|
|
<td headers="r70 c2 c3 c6">267.01</td>
|
|
<td headers="r70 c2 c3 c7"> </td>
|
|
<td headers="r70 c2 c3 c8"> </td>
|
|
<td headers="r70 c2 c4 c9"> </td>
|
|
<td headers="r70 c2 c4 c10">912.13</td>
|
|
<td headers="r70 c2 c4 c11"> </td>
|
|
<td headers="r70 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r71" headers="c1">2060</th>
|
|
<td headers="r71 c2 c3 c5"> </td>
|
|
<td headers="r71 c2 c3 c6">268.75</td>
|
|
<td headers="r71 c2 c3 c7"> </td>
|
|
<td headers="r71 c2 c3 c8"> </td>
|
|
<td headers="r71 c2 c4 c9"> </td>
|
|
<td headers="r71 c2 c4 c10">943.01</td>
|
|
<td headers="r71 c2 c4 c11"> </td>
|
|
<td headers="r71 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r72" headers="c1">2061</th>
|
|
<td headers="r72 c2 c3 c5"> </td>
|
|
<td headers="r72 c2 c3 c6">270.79</td>
|
|
<td headers="r72 c2 c3 c7"> </td>
|
|
<td headers="r72 c2 c3 c8"> </td>
|
|
<td headers="r72 c2 c4 c9"> </td>
|
|
<td headers="r72 c2 c4 c10">974.07</td>
|
|
<td headers="r72 c2 c4 c11"> </td>
|
|
<td headers="r72 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r73" headers="c1">2062</th>
|
|
<td headers="r73 c2 c3 c5"> </td>
|
|
<td headers="r73 c2 c3 c6">273.15</td>
|
|
<td headers="r73 c2 c3 c7"> </td>
|
|
<td headers="r73 c2 c3 c8"> </td>
|
|
<td headers="r73 c2 c4 c9"> </td>
|
|
<td headers="r73 c2 c4 c10">1005.18</td>
|
|
<td headers="r73 c2 c4 c11"> </td>
|
|
<td headers="r73 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r74" headers="c1">2063</th>
|
|
<td headers="r74 c2 c3 c5"> </td>
|
|
<td headers="r74 c2 c3 c6">275.85</td>
|
|
<td headers="r74 c2 c3 c7"> </td>
|
|
<td headers="r74 c2 c3 c8"> </td>
|
|
<td headers="r74 c2 c4 c9"> </td>
|
|
<td headers="r74 c2 c4 c10">1036.29</td>
|
|
<td headers="r74 c2 c4 c11"> </td>
|
|
<td headers="r74 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r75" headers="c1">2064</th>
|
|
<td headers="r75 c2 c3 c5"> </td>
|
|
<td headers="r75 c2 c3 c6">278.87</td>
|
|
<td headers="r75 c2 c3 c7"> </td>
|
|
<td headers="r75 c2 c3 c8"> </td>
|
|
<td headers="r75 c2 c4 c9"> </td>
|
|
<td headers="r75 c2 c4 c10">1067.49</td>
|
|
<td headers="r75 c2 c4 c11"> </td>
|
|
<td headers="r75 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r76" headers="c1">2065</th>
|
|
<td headers="r76 c2 c3 c5"> </td>
|
|
<td headers="r76 c2 c3 c6">282.19</td>
|
|
<td headers="r76 c2 c3 c7"> </td>
|
|
<td headers="r76 c2 c3 c8"> </td>
|
|
<td headers="r76 c2 c4 c9"> </td>
|
|
<td headers="r76 c2 c4 c10">1098.60</td>
|
|
<td headers="r76 c2 c4 c11"> </td>
|
|
<td headers="r76 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r77" headers="c1">2066</th>
|
|
<td headers="r77 c2 c3 c5"> </td>
|
|
<td headers="r77 c2 c3 c6">285.82</td>
|
|
<td headers="r77 c2 c3 c7"> </td>
|
|
<td headers="r77 c2 c3 c8"> </td>
|
|
<td headers="r77 c2 c4 c9"> </td>
|
|
<td headers="r77 c2 c4 c10">1129.64</td>
|
|
<td headers="r77 c2 c4 c11"> </td>
|
|
<td headers="r77 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r78" headers="c1">2067</th>
|
|
<td headers="r78 c2 c3 c5"> </td>
|
|
<td headers="r78 c2 c3 c6">289.76</td>
|
|
<td headers="r78 c2 c3 c7"> </td>
|
|
<td headers="r78 c2 c3 c8"> </td>
|
|
<td headers="r78 c2 c4 c9"> </td>
|
|
<td headers="r78 c2 c4 c10">1160.60</td>
|
|
<td headers="r78 c2 c4 c11"> </td>
|
|
<td headers="r78 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r79" headers="c1">2068</th>
|
|
<td headers="r79 c2 c3 c5"> </td>
|
|
<td headers="r79 c2 c3 c6">294.02</td>
|
|
<td headers="r79 c2 c3 c7"> </td>
|
|
<td headers="r79 c2 c3 c8"> </td>
|
|
<td headers="r79 c2 c4 c9"> </td>
|
|
<td headers="r79 c2 c4 c10">1191.23</td>
|
|
<td headers="r79 c2 c4 c11"> </td>
|
|
<td headers="r79 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r80" headers="c1">2069</th>
|
|
<td headers="r80 c2 c3 c5"> </td>
|
|
<td headers="r80 c2 c3 c6">298.59</td>
|
|
<td headers="r80 c2 c3 c7"> </td>
|
|
<td headers="r80 c2 c3 c8"> </td>
|
|
<td headers="r80 c2 c4 c9"> </td>
|
|
<td headers="r80 c2 c4 c10">1221.71</td>
|
|
<td headers="r80 c2 c4 c11"> </td>
|
|
<td headers="r80 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r81" headers="c1">2070</th>
|
|
<td headers="r81 c2 c3 c5"> </td>
|
|
<td headers="r81 c2 c3 c6">303.47</td>
|
|
<td headers="r81 c2 c3 c7"> </td>
|
|
<td headers="r81 c2 c3 c8"> </td>
|
|
<td headers="r81 c2 c4 c9"> </td>
|
|
<td headers="r81 c2 c4 c10">1252.49</td>
|
|
<td headers="r81 c2 c4 c11"> </td>
|
|
<td headers="r81 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r82" headers="c1">2071</th>
|
|
<td headers="r82 c2 c3 c5"> </td>
|
|
<td headers="r82 c2 c3 c6">308.62</td>
|
|
<td headers="r82 c2 c3 c7"> </td>
|
|
<td headers="r82 c2 c3 c8"> </td>
|
|
<td headers="r82 c2 c4 c9"> </td>
|
|
<td headers="r82 c2 c4 c10">1283.28</td>
|
|
<td headers="r82 c2 c4 c11"> </td>
|
|
<td headers="r82 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r83" headers="c1">2072</th>
|
|
<td headers="r83 c2 c3 c5"> </td>
|
|
<td headers="r83 c2 c3 c6">314.03</td>
|
|
<td headers="r83 c2 c3 c7"> </td>
|
|
<td headers="r83 c2 c3 c8"> </td>
|
|
<td headers="r83 c2 c4 c9"> </td>
|
|
<td headers="r83 c2 c4 c10">1313.91</td>
|
|
<td headers="r83 c2 c4 c11"> </td>
|
|
<td headers="r83 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r84" headers="c1">2073</th>
|
|
<td headers="r84 c2 c3 c5"> </td>
|
|
<td headers="r84 c2 c3 c6">319.68</td>
|
|
<td headers="r84 c2 c3 c7"> </td>
|
|
<td headers="r84 c2 c3 c8"> </td>
|
|
<td headers="r84 c2 c4 c9"> </td>
|
|
<td headers="r84 c2 c4 c10">1344.51</td>
|
|
<td headers="r84 c2 c4 c11"> </td>
|
|
<td headers="r84 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r85" headers="c1">2074</th>
|
|
<td headers="r85 c2 c3 c5"> </td>
|
|
<td headers="r85 c2 c3 c6">325.57</td>
|
|
<td headers="r85 c2 c3 c7"> </td>
|
|
<td headers="r85 c2 c3 c8"> </td>
|
|
<td headers="r85 c2 c4 c9"> </td>
|
|
<td headers="r85 c2 c4 c10">1374.74</td>
|
|
<td headers="r85 c2 c4 c11"> </td>
|
|
<td headers="r85 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r86" headers="c1">2075</th>
|
|
<td headers="r86 c2 c3 c5"> </td>
|
|
<td headers="r86 c2 c3 c6">331.70</td>
|
|
<td headers="r86 c2 c3 c7"> </td>
|
|
<td headers="r86 c2 c3 c8"> </td>
|
|
<td headers="r86 c2 c4 c9"> </td>
|
|
<td headers="r86 c2 c4 c10">1404.49</td>
|
|
<td headers="r86 c2 c4 c11"> </td>
|
|
<td headers="r86 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r87" headers="c1">2076</th>
|
|
<td headers="r87 c2 c3 c5"> </td>
|
|
<td headers="r87 c2 c3 c6">337.98</td>
|
|
<td headers="r87 c2 c3 c7"> </td>
|
|
<td headers="r87 c2 c3 c8"> </td>
|
|
<td headers="r87 c2 c4 c9"> </td>
|
|
<td headers="r87 c2 c4 c10">1434.43</td>
|
|
<td headers="r87 c2 c4 c11"> </td>
|
|
<td headers="r87 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r88" headers="c1">2077</th>
|
|
<td headers="r88 c2 c3 c5"> </td>
|
|
<td headers="r88 c2 c3 c6">344.37</td>
|
|
<td headers="r88 c2 c3 c7"> </td>
|
|
<td headers="r88 c2 c3 c8"> </td>
|
|
<td headers="r88 c2 c4 c9"> </td>
|
|
<td headers="r88 c2 c4 c10">1464.56</td>
|
|
<td headers="r88 c2 c4 c11"> </td>
|
|
<td headers="r88 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r89" headers="c1">2078</th>
|
|
<td headers="r89 c2 c3 c5"> </td>
|
|
<td headers="r89 c2 c3 c6">350.82</td>
|
|
<td headers="r89 c2 c3 c7"> </td>
|
|
<td headers="r89 c2 c3 c8"> </td>
|
|
<td headers="r89 c2 c4 c9"> </td>
|
|
<td headers="r89 c2 c4 c10">1494.77</td>
|
|
<td headers="r89 c2 c4 c11"> </td>
|
|
<td headers="r89 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r90" headers="c1">2079</th>
|
|
<td headers="r90 c2 c3 c5"> </td>
|
|
<td headers="r90 c2 c3 c6">357.31</td>
|
|
<td headers="r90 c2 c3 c7"> </td>
|
|
<td headers="r90 c2 c3 c8"> </td>
|
|
<td headers="r90 c2 c4 c9"> </td>
|
|
<td headers="r90 c2 c4 c10">1525.14</td>
|
|
<td headers="r90 c2 c4 c11"> </td>
|
|
<td headers="r90 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r91" headers="c1">2080</th>
|
|
<td headers="r91 c2 c3 c5"> </td>
|
|
<td headers="r91 c2 c3 c6">363.78</td>
|
|
<td headers="r91 c2 c3 c7"> </td>
|
|
<td headers="r91 c2 c3 c8"> </td>
|
|
<td headers="r91 c2 c4 c9"> </td>
|
|
<td headers="r91 c2 c4 c10">1555.76</td>
|
|
<td headers="r91 c2 c4 c11"> </td>
|
|
<td headers="r91 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r92" headers="c1">2081</th>
|
|
<td headers="r92 c2 c3 c5"> </td>
|
|
<td headers="r92 c2 c3 c6">370.23</td>
|
|
<td headers="r92 c2 c3 c7"> </td>
|
|
<td headers="r92 c2 c3 c8"> </td>
|
|
<td headers="r92 c2 c4 c9"> </td>
|
|
<td headers="r92 c2 c4 c10">1586.80</td>
|
|
<td headers="r92 c2 c4 c11"> </td>
|
|
<td headers="r92 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r93" headers="c1">2082</th>
|
|
<td headers="r93 c2 c3 c5"> </td>
|
|
<td headers="r93 c2 c3 c6">376.63</td>
|
|
<td headers="r93 c2 c3 c7"> </td>
|
|
<td headers="r93 c2 c3 c8"> </td>
|
|
<td headers="r93 c2 c4 c9"> </td>
|
|
<td headers="r93 c2 c4 c10">1618.34</td>
|
|
<td headers="r93 c2 c4 c11"> </td>
|
|
<td headers="r93 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r94" headers="c1">2083</th>
|
|
<td headers="r94 c2 c3 c5"> </td>
|
|
<td headers="r94 c2 c3 c6">382.93</td>
|
|
<td headers="r94 c2 c3 c7"> </td>
|
|
<td headers="r94 c2 c3 c8"> </td>
|
|
<td headers="r94 c2 c4 c9"> </td>
|
|
<td headers="r94 c2 c4 c10">1650.42</td>
|
|
<td headers="r94 c2 c4 c11"> </td>
|
|
<td headers="r94 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r95" headers="c1">2084</th>
|
|
<td headers="r95 c2 c3 c5"> </td>
|
|
<td headers="r95 c2 c3 c6">389.10</td>
|
|
<td headers="r95 c2 c3 c7"> </td>
|
|
<td headers="r95 c2 c3 c8"> </td>
|
|
<td headers="r95 c2 c4 c9"> </td>
|
|
<td headers="r95 c2 c4 c10">1683.05</td>
|
|
<td headers="r95 c2 c4 c11"> </td>
|
|
<td headers="r95 c2 c4 c12"> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r96" headers="c1">2085</th>
|
|
<td headers="r96 c2 c3 c5"> </td>
|
|
<td headers="r96 c2 c3 c6">395.15</td>
|
|
<td headers="r96 c2 c3 c7"> </td>
|
|
<td headers="r96 c2 c3 c8"> </td>
|
|
<td headers="r96 c2 c4 c9"> </td>
|
|
<td headers="r96 c2 c4 c10">1716.15</td>
|
|
<td headers="r96 c2 c4 c11"> </td>
|
|
<td headers="r96 c2 c4 c12"> </td>
|
|
</tr>
|
|
</tbody>
|
|
<tfoot>
|
|
<tr>
|
|
<td class="noNotes" colspan="9"> </td>
|
|
</tr>
|
|
</tfoot>
|
|
</table>
|
|
</div>
|
|
<div class="firstNote">SOURCE: <i>2009 Social Security Trustees Report,</i> Figure <abbr title="four">IV</abbr>.B3 and Table <abbr title="four">IV</abbr>.B3.</div>
|
|
<div class="lastNote">NOTES: Alternative <abbr title="one">I</abbr> = <span class="nobr">low-cost</span> assumptions; alternative <abbr title="two">II</abbr> = intermediate assumptions; alternative <abbr title="three">III</abbr> = <span class="nobr">high-cost</span> assumptions.</div>
|
|
</div>
|
|
</div>
|
|
<p>In 1994, the Congress acted to reallocate a portion of the combined <abbr class="spell">OASDI</abbr> payroll tax rate from the <abbr class="spell">OASI</abbr> program to the <abbr class="spell">DI</abbr> program, in order to avert <span class="nobr">near-term</span> trust fund exhaustion for the <abbr class="spell">DI</abbr> program. Then, as now, the <abbr class="spell">OASI</abbr> program had more favorable actuarial status. Given the possibility that comprehensive reform for the <abbr class="spell">OASDI</abbr> program might not be completed by 2020, a small reallocation of 0.1 percent to 0.2 percent of the existing 12.4 percent tax rate to the <abbr class="spell">DI</abbr> fund would again be possible to more nearly equalize the financial status of the <abbr class="spell">OASI</abbr> and <abbr class="spell">DI</abbr> Trust Funds. It is for this reason, and because of the simplicity of considering the <abbr class="spell">OASDI</abbr> program on a unified basis, that most analysis of the actuarial status of the Social Security program is done on a theoretical basis where the two trust funds are considered on a combined basis.</p>
|
|
<h2>Sustainability of Social Security</h2>
|
|
<p>The concept of sustainability for the Social Security program has come to have two separate meanings. The first considers only the simple question of whether currently scheduled dedicated tax revenue is sufficient to adequately finance currently scheduled benefits in the law, without any modification to the law. The second considers whether the current structure of the program, with a defined benefit reflecting career-average earnings levels and a flat payroll tax up to a specified earnings level, is viable for the future.</p>
|
|
<p>The first, simpler concept of financial sustainability under current law is relatively easy to evaluate. As illustrated by the projections under the trustees' intermediate assumptions, modifications of benefits or tax revenue in the future will almost certainly be needed to avoid trust fund exhaustion. In the relatively near term, by 2020, the specific needs of the <abbr class="spell">DI</abbr> Trust Fund must be addressed. By 2037, the overall projected shortfall of scheduled financing must also be addressed. As indicated in the <i>2009 Trustees Report</i>, the <span class="nobr">75-year</span> shortfall projected under intermediate assumptions for the <abbr class="spell">OASDI</abbr> program could be met with benefit reductions equivalent in value to a 13 percent immediate reduction in all benefits, an increase in revenue equivalent to an immediate increase in the combined (employee and employer) payroll tax rate from 12.4 percent to 14.4 percent, or a combination of these two approaches.</p>
|
|
<p>The second concept, the sustainability of the current structure of benefits and financing of the <abbr class="spell">OASDI</abbr> program, is not an issue directly addressed in the trustees report. This consideration is more political in nature, in that it depends on the wants and desires of the American people, as reflected by the actions of their elected representatives in the Congress. It is clear that modifications of the program benefit and tax levels can be made within the current program structure to restore sound financial status. But it is up to each generation to come to a consensus on the tax levels it is willing to pay and the benefit levels it wants to receive. Even the form of benefits and mode of financing, historically defined as monthly benefits financed generally on a <abbr title="pay go">PAYGO</abbr> basis, are open to consideration by the American people and future Congresses.</p>
|
|
<p>The trustees report does, however, provide insight into the sustainability of currently scheduled benefits by providing a comparison of program cost and scheduled tax revenues, expressed as percentages of the total output of goods and services in the United States—our gross domestic product (<abbr class="spell">GDP</abbr>).</p>
|
|
<p>Projected <abbr class="spell">OASDI</abbr> cost is expected to rise from about 4.5 percent of <abbr class="spell">GDP</abbr> since 1990, to about 6 percent of <abbr class="spell">GDP</abbr> over the next 20 years, and to roughly stabilize at that level thereafter (see Chart 5). Although an increase in the cost of the program from 4.5 to 6 percent of <abbr class="spell">GDP</abbr> is substantial, the fact that the increase is not projected to continue after this "level shift" is important. Chart 5 focuses on the question of whether the level of benefits scheduled in current law should be maintained for future generations, at the price of higher taxes, or whether scheduled benefits should be reduced to levels affordable with the current taxes in the law.</p>
|
|
<div class="chartCenter">
|
|
<div class="chart700">
|
|
<div class="title" id="chart5">Chart 5.<br><abbr class="spell">OASDI</abbr> program cost and noninterest income as percentages of <abbr class="spell">GDP</abbr>, <span class="nobr">1990–2008</span>, projected under the intermediate assumptions, <span class="nobr">2009–2085</span></div>
|
|
<div class="scrollChart"><img src="v70n3p111_chart05.gif" alt="Line chart with tabular version below." width="700" height="347" /></div>
|
|
<div class="table altTable"><a class="altToggle" href="">Show as table</a>
|
|
<table>
|
|
<caption><span class="tableNumber">Table equivalent for Chart 5. </span><abbr class="spell">OASDI</abbr> program cost and noninterest income as percentages of <abbr class="spell">GDP</abbr>, <span class="nobr">1990–2008</span>, projected under the intermediate assumptions, <span class="nobr">2009–2085</span></caption>
|
|
<colgroup span="1" style="width:8em"></colgroup>
|
|
<colgroup span="2" style="width:8em"></colgroup>
|
|
<thead>
|
|
<tr>
|
|
<th class="stubHeading" rowspan="2" scope="colgroup">Year</th>
|
|
<th class="spanner" colspan="2" scope="colgroup">Percentage of <abbr class="spell">GDP</abbr></th>
|
|
</tr>
|
|
<tr>
|
|
<th scope="col">Scheduled tax revenue</th>
|
|
<th scope="col">Program cost</th>
|
|
</tr>
|
|
</thead>
|
|
<tbody>
|
|
<tr>
|
|
<th class="stub0" scope="row">1990</th>
|
|
<td>5.07</td>
|
|
<td>4.36</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1991</th>
|
|
<td>5.11</td>
|
|
<td>4.58</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1992</th>
|
|
<td>5.06</td>
|
|
<td>4.62</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1993</th>
|
|
<td>4.99</td>
|
|
<td>4.64</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1994</th>
|
|
<td>4.95</td>
|
|
<td>4.57</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1995</th>
|
|
<td>4.96</td>
|
|
<td>4.59</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1996</th>
|
|
<td>4.95</td>
|
|
<td>4.52</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1997</th>
|
|
<td>4.99</td>
|
|
<td>4.44</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1998</th>
|
|
<td>5.10</td>
|
|
<td>4.37</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1999</th>
|
|
<td>5.12</td>
|
|
<td>4.24</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2000</th>
|
|
<td>5.16</td>
|
|
<td>4.23</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2001</th>
|
|
<td>5.22</td>
|
|
<td>4.33</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2002</th>
|
|
<td>5.15</td>
|
|
<td>4.41</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2003</th>
|
|
<td>5.03</td>
|
|
<td>4.37</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2004</th>
|
|
<td>4.95</td>
|
|
<td>4.29</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2005</th>
|
|
<td>4.86</td>
|
|
<td>4.27</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2006</th>
|
|
<td>4.86</td>
|
|
<td>4.21</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2007</th>
|
|
<td>4.85</td>
|
|
<td>4.31</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2008</th>
|
|
<td>4.89</td>
|
|
<td>4.38</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2009</th>
|
|
<td>4.98</td>
|
|
<td>4.84</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2010</th>
|
|
<td>4.99</td>
|
|
<td>4.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2011</th>
|
|
<td>4.95</td>
|
|
<td>4.76</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2012</th>
|
|
<td>4.95</td>
|
|
<td>4.72</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2013</th>
|
|
<td>4.93</td>
|
|
<td>4.74</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2014</th>
|
|
<td>4.90</td>
|
|
<td>4.80</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2015</th>
|
|
<td>4.90</td>
|
|
<td>4.89</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2016</th>
|
|
<td>4.89</td>
|
|
|
|
<td>4.99</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2017</th>
|
|
<td>4.89</td>
|
|
<td>5.09</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2018</th>
|
|
<td>4.88</td>
|
|
<td>5.20</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2019</th>
|
|
<td>4.87</td>
|
|
<td>5.31</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2020</th>
|
|
<td>4.87</td>
|
|
<td>5.42</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2021</th>
|
|
<td>4.86</td>
|
|
<td>5.52</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2022</th>
|
|
<td>4.85</td>
|
|
<td>5.61</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2023</th>
|
|
<td>4.85</td>
|
|
<td>5.70</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2024</th>
|
|
<td>4.84</td>
|
|
<td>5.78</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2025</th>
|
|
<td>4.84</td>
|
|
<td>5.85</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2026</th>
|
|
<td>4.83</td>
|
|
<td>5.92</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2027</th>
|
|
<td>4.82</td>
|
|
<td>5.98</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2028</th>
|
|
<td>4.82</td>
|
|
<td>6.03</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2029</th>
|
|
<td>4.81</td>
|
|
<td>6.07</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2030</th>
|
|
<td>4.80</td>
|
|
<td>6.11</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2031</th>
|
|
<td>4.79</td>
|
|
<td>6.13</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2032</th>
|
|
<td>4.79</td>
|
|
<td>6.15</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2033</th>
|
|
<td>4.78</td>
|
|
<td>6.16</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2034</th>
|
|
<td>4.77</td>
|
|
<td>6.17</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2035</th>
|
|
<td>4.76</td>
|
|
<td>6.16</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2036</th>
|
|
<td>4.75</td>
|
|
<td>6.15</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2037</th>
|
|
<td>4.75</td>
|
|
<td>6.14</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2038</th>
|
|
<td>4.74</td>
|
|
<td>6.12</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2039</th>
|
|
<td>4.73</td>
|
|
<td>6.09</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2040</th>
|
|
<td>4.72</td>
|
|
<td>6.06</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2041</th>
|
|
<td>4.71</td>
|
|
<td>6.03</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2042</th>
|
|
<td>4.70</td>
|
|
<td>6.00</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2043</th>
|
|
<td>4.69</td>
|
|
<td>5.97</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2044</th>
|
|
<td>4.68</td>
|
|
<td>5.95</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2045</th>
|
|
<td>4.68</td>
|
|
<td>5.92</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2046</th>
|
|
<td>4.67</td>
|
|
<td>5.90</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2047</th>
|
|
<td>4.66</td>
|
|
<td>5.88</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2048</th>
|
|
<td>4.65</td>
|
|
<td>5.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2049</th>
|
|
<td>4.64</td>
|
|
<td>5.84</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2050</th>
|
|
<td>4.64</td>
|
|
<td>5.82</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2051</th>
|
|
<td>4.63</td>
|
|
<td>5.81</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2052</th>
|
|
<td>4.62</td>
|
|
<td>5.79</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2053</th>
|
|
<td>4.61</td>
|
|
<td>5.78</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2054</th>
|
|
<td>4.61</td>
|
|
<td>5.78</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2055</th>
|
|
<td>4.60</td>
|
|
<td>5.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2056</th>
|
|
<td>4.59</td>
|
|
<td>5.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2057</th>
|
|
<td>4.59</td>
|
|
<td>5.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2058</th>
|
|
<td>4.58</td>
|
|
<td>5.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2059</th>
|
|
<td>4.57</td>
|
|
<td>5.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2060</th>
|
|
<td>4.57</td>
|
|
<td>5.76</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2061</th>
|
|
<td>4.56</td>
|
|
<td>5.76</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2062</th>
|
|
<td>4.55</td>
|
|
<td>5.76</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2063</th>
|
|
<td>4.54</td>
|
|
<td>5.76</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2064</th>
|
|
<td>4.54</td>
|
|
<td>5.76</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2065</th>
|
|
<td>4.53</td>
|
|
<td>5.76</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2066</th>
|
|
<td>4.52</td>
|
|
<td>5.76</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2067</th>
|
|
<td>4.52</td>
|
|
<td>5.76</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2068</th>
|
|
<td>4.51</td>
|
|
<td>5.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2069</th>
|
|
<td>4.50</td>
|
|
<td>5.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2070</th>
|
|
<td>4.50</td>
|
|
<td>5.78</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2071</th>
|
|
<td>4.49</td>
|
|
<td>5.78</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2072</th>
|
|
<td>4.49</td>
|
|
<td>5.79</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2073</th>
|
|
<td>4.48</td>
|
|
<td>5.79</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2074</th>
|
|
<td>4.47</td>
|
|
<td>5.80</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2075</th>
|
|
<td>4.47</td>
|
|
<td>5.80</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2076</th>
|
|
<td>4.46</td>
|
|
<td>5.81</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2077</th>
|
|
<td>4.45</td>
|
|
<td>5.82</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2078</th>
|
|
<td>4.45</td>
|
|
<td>5.82</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2079</th>
|
|
<td>4.44</td>
|
|
<td>5.83</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2080</th>
|
|
<td>4.43</td>
|
|
<td>5.84</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2081</th>
|
|
<td>4.43</td>
|
|
<td>5.84</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2082</th>
|
|
<td>4.42</td>
|
|
<td>5.85</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2083</th>
|
|
<td>4.41</td>
|
|
<td>5.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2084</th>
|
|
<td>4.41</td>
|
|
<td>5.87</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2085</th>
|
|
<td>4.40</td>
|
|
<td>5.87</td>
|
|
</tr>
|
|
</tbody>
|
|
<tfoot>
|
|
<tr>
|
|
<td class="noNotes" colspan="3"> </td>
|
|
</tr>
|
|
</tfoot>
|
|
</table>
|
|
</div>
|
|
<div class="onlyNote">SOURCE: <i>2009 Social Security Trustees Report,</i> Figure <abbr title="two">II</abbr>.D5 and Table <abbr title="six">VI</abbr>.F4.</div>
|
|
</div>
|
|
</div>
|
|
<p>The Federal Accounting Standards Advisory Board has recently established new standards requiring reporting on the sustainability of all federal programs as a part of the <i>Consolidated Financial Report of the United States Government</i>. In this context, consideration of the <abbr class="spell">OASDI</abbr> program must be on the basis of cost and income as a percent of <abbr class="spell">GDP</abbr>, in order to compare with and combine with other programs.</p>
|
|
<h2>A Range of Financial Measures</h2>
|
|
<p>The financial status of the <abbr class="spell">OASDI</abbr> program can be considered in numerous ways. As indicated earlier, the most fundamental consideration is whether scheduled benefits will be payable on a timely basis (solvency) as indicated by having positive trust fund reserve levels. Trust fund exhaustion, which is currently projected to occur for <abbr class="spell">OASDI</abbr> during 2037, would mean a precipitous drop in the level of benefits that could be paid. Thus, a projected date of trust fund exhaustion represents the time by which some change must occur. Congress can be expected to act by this time in order to avoid the dire consequences of inaction. A second fundamental consideration mentioned earlier is sustainability of the program on financial and political bases. Sustainability in both senses can be reasonably addressed by considering the share of the total output of the economy (<abbr class="spell">GDP</abbr>) that will be needed to support the benefits provided by the program.</p>
|
|
<p>It is often desired to express in a single number the outcome of a complex process. Historically, a single summary number, referred to as the actuarial balance, has been used as a measure of the financial status of the <abbr class="spell">OASDI</abbr> program. The actuarial balance expresses the difference between resources available under current law and the cost of providing scheduled benefits under current law, over the next 75 years as a whole. In the <i>2009 Trustees Report</i>, under intermediate assumptions, the actuarial balance is negative, indicating a shortfall for the period as a whole equivalent to 2.00 percent of the taxable payroll over the period. While this measure is convenient because of its simplicity, it is of somewhat limited usefulness taken alone. The actuarial balance does not address the timing or trend in shortfalls that are projected on an annual basis over the period. In fact, this <span class="nobr">75-year</span> summary measure can only indicate one thing definitively: the level of the trust fund at the end of the <span class="nobr">75-year</span> period. If changes were made that resulted in an actuarial balance measured at zero, this would indicate that the trust fund assets at the end of the <span class="nobr">75-year</span> period were projected to equal the annual cost of the program at that time. But this summary measure alone would provide no information about whether (1) the trust fund would be solvent throughout the period, or (2) the level of trust fund assets would be rising, stable, or declining toward exhaustion at the end of the period.</p>
|
|
<p>The fact that the 1983 amendments were enacted with a projected trust fund level that was declining rapidly at the end of the period toward exhaustion soon thereafter may be attributed at least in part to an overreliance on the single measure of actuarial balance. Since 1983, many additional measures have been developed and have been used widely. One of the best measures has been the concept of "sustainable solvency."</p>
|
|
<p>Sustainable solvency requires both that the trust fund be positive throughout the <span class="nobr">75-year</span> projection period and that the level of trust fund reserves at the end of the period be stable or rising as a percentage of the annual cost of the program. When these conditions are met, it can be said that under the assumptions used, program financing is projected to be adequate for the foreseeable future. This concept was fully developed and in place by the time of the <span class="nobr">1994–1996</span> Social Security Advisory Council and was used by the council as a guide for constructing alternative reforms for the <abbr class="spell">OASDI</abbr> program. Since that time, the concept of sustainable solvency has been addressed by virtually every comprehensive reform proposal developed by all policymakers. Requiring that proposals meet the requirements of sustainable solvency provides strong assurance that we will not face substantial projected deficits for the <abbr class="spell">OASDI</abbr> program soon after enactment of the next comprehensive reforms for the program. Numerous comprehensive proposals have been developed by policymakers over the past 15 years and have been scored by the Office of the Chief Actuary.<sup><a href="#mn6" id="mt6">6</a></sup></p>
|
|
<p>An additional measure that has been used extensively in recent years is the annual balance between tax income and program cost for the 75<sup>th</sup> year in the long-range projection period. Although the overall shortfall for the period as a whole is shown to be 2.00 percent of taxable payroll, the shortfall is larger in the more distant years, reaching over 4 percent of payroll by 2083. Thus, individual reform provisions can be more fully understood by considering both their effect on the <span class="nobr">75-year</span> actuarial balance as a whole and their specific effect on the annual balance for the 75<sup>th</sup> year. Both of these measures are provided for individual provisions scored by the Office of the Chief Actuary.<sup><a href="#mn7" id="mt7">7</a></sup></p>
|
|
<p>More recently, significant attention has been paid to additional summary measures such as the <span class="nobr">75-year</span> and infinite horizon open group unfunded obligations. An open group unfunded obligation shows the shortfall of revenue to cover all scheduled benefits over the period as a whole. The <span class="nobr">75-year</span> unfunded obligation for the <abbr class="spell">OASDI</abbr> program is shown as $5.3 trillion in present value in the <i>2009 Trustees Report</i>. Taken alone, this value can be easily misinterpreted as being relevant as a shortfall in terms of today's economy, as if it were an amount that is required today. In fact, this present value amount represents the sum total of shortfalls projected for 2037, after the combined trust fund is projected to become exhausted, through 2083. These shortfalls will be met by providing either additional tax revenue in those years or by reducing benefits over this period from the level currently scheduled. For this reason, the trustees provide the size of this <span class="nobr">75-year</span> unfunded obligation as percentages of <abbr class="spell">OASDI</abbr> taxable payroll (1.9 percent) and of <abbr class="spell">GDP</abbr> (0.7 percent) over the <span class="nobr">75-year</span> period. These percentages provide context for understanding the magnitude of additional tax revenue that is needed to fully meet the unfunded obligations represented by the currently scheduled benefits.</p>
|
|
<p>Over the infinite horizon, the <i>2009 Trustees Report</i> indicates that the present value shortfall, or unfunded obligation, for the <abbr class="spell">OASDI</abbr> program is about $15.1 trillion, or about 3.4 percent of taxable payroll, and 1.2 percent of <abbr class="spell">GDP</abbr> over the entire infinite future period. Of course, these values must be considered in the context of the high level of uncertainty that accompanies any projection extending beyond the <span class="nobr">75-year,</span> long-range period.</p>
|
|
<p>In addition, the <i>2009 Trustees Report</i> provides an estimate of the closed group unfunded obligation. This value is highly theoretical in nature, as the closed group unfunded obligation is only truly meaningful for a program that is intended to be "fully advance funded." A fully advance funded program would have sufficient trust fund assets at any time to eliminate future contributions (payroll taxes) into the system by all current and future workers, with sufficient assets available to still pay all benefits earned to date. For this kind of financing, the closed group unfunded obligation would be expected to be zero or near zero. For a program that has been intentionally financed on a <abbr title="pay go">PAYGO</abbr> basis, however, a large closed group unfunded obligation would be expected. In the <i>2009 Trustees Report</i>, the <abbr class="spell">OASDI</abbr> closed group unfunded obligation is reported as $16.3 trillion, or 3.7 percent of taxable payroll, and 1.2 percent of the <abbr class="spell">GDP</abbr> over the infinite future.</p>
|
|
<h2>Uncertainty of the Future</h2>
|
|
<p>Projections of cost and income for the <abbr class="spell">OASDI</abbr> program are inherently uncertain. This uncertainty is thought to increase for more extended periods into the future. The trustees attempt to illustrate the nature and extent of uncertainty in the annual reports in several ways. Mentioned earlier are the <span class="nobr">high-cost</span> and <span class="nobr">low-cost</span> alternatives to the intermediate sets of assumptions. These alternatives provide scenarios in which the principal assumptions used for projecting the financial status of the program are assumed to collectively differ from the best estimate in either a positive or negative direction. Each parameter is assumed to differ by a plausible amount from the intermediate expectation, so it is unlikely that all parameters will differ in the same direction. As a result, the three alternative projections produce a broad range for the prospects of the program.</p>
|
|
<p>The range of cost rates projected for the <abbr class="spell">OASI</abbr> and <abbr class="spell">DI</abbr> programs under the three alternatives in the <i>2009 Trustees Report</i> are shown in Chart 6. Trust fund levels expressed as a percent of annual program cost were presented earlier for the three alternative projections. Projected income rates are shown based on the intermediate alternative <abbr title="two">II</abbr> assumptions only, as these rates vary little across the three alternatives.</p>
|
|
<div class="chartCenter">
|
|
<div class="chart700">
|
|
<div class="title" id="chart6">Chart 6.<br><abbr class="spell">OASI</abbr> and <abbr class="spell">DI</abbr> program cost and noninterest income as percentages of taxable payroll, <span class="nobr">1990–2008</span>, projected under alternative assumptions, <span class="nobr">2009–2085</span></div>
|
|
<div class="scrollChart"><img src="v70n3p111_chart06.gif" alt="Line chart with tabular version below." width="700" height="343" /></div>
|
|
<div class="table altTable"><a class="altToggle" href="">Show as table</a>
|
|
<table>
|
|
<caption><span class="tableNumber">Table equivalent for Chart 6. </span><abbr class="spell">OASI</abbr> and <abbr class="spell">DI</abbr> program cost and noninterest income as percentages of taxable payroll, <span class="nobr">1990–2008</span>, projected under alternative assumptions, <span class="nobr">2009–2085</span></caption>
|
|
<colgroup span="1" style="width:5em"></colgroup>
|
|
<colgroup span="10" style="width:6em"></colgroup>
|
|
<thead>
|
|
<tr>
|
|
<th class="stubHeading" rowspan="3" id="c1">Year</th>
|
|
<th class="spanner" colspan="10" id="c2">Percentage of taxable payroll</th>
|
|
</tr>
|
|
<tr>
|
|
<th class="spanner" colspan="5" id="c3" headers="c2"><abbr class="spell">OASI</abbr></th>
|
|
<th class="spanner" colspan="5" id="c4" headers="c2"><abbr class="spell">DI</abbr></th>
|
|
</tr>
|
|
<tr>
|
|
<th id="c5" headers="c2 c3">Historical cost rates</th>
|
|
<th id="c6" headers="c2 c3">Alternative <abbr title="one">I</abbr> cost rates</th>
|
|
<th id="c7" headers="c2 c3">Alternative <abbr title="two">II</abbr> cost rates</th>
|
|
<th id="c8" headers="c2 c3">Alternative <abbr title="three">III</abbr> cost rates</th>
|
|
<th id="c9" headers="c2 c3">Alternative <abbr title="two">II</abbr> income rates</th>
|
|
<th id="c10" headers="c2 c4">Historical cost rates</th>
|
|
<th id="c11" headers="c2 c4">Alternative <abbr title="one">I</abbr> cost rates</th>
|
|
<th id="c12" headers="c2 c4">Alternative <abbr title="two">II</abbr> cost rates</th>
|
|
<th id="c13" headers="c2 c4">Alternative <abbr title="onthreee">III</abbr> cost rates</th>
|
|
<th id="c14" headers="c2 c4">Alternative <abbr title="two">II</abbr> income rates</th>
|
|
</tr>
|
|
</thead>
|
|
<tbody>
|
|
<tr>
|
|
<th class="stub0" id="r1" headers="c1">1990</th>
|
|
<td headers="r1 c2 c3 c5">9.66</td>
|
|
<td headers="r1 c2 c3 c6"> </td>
|
|
<td headers="r1 c2 c3 c7"> </td>
|
|
<td headers="r1 c2 c3 c8"> </td>
|
|
<td headers="r1 c2 c3 c9">11.32</td>
|
|
<td headers="r1 c2 c4 c10">1.09</td>
|
|
<td headers="r1 c2 c4 c11"> </td>
|
|
<td headers="r1 c2 c4 c12"> </td>
|
|
<td headers="r1 c2 c4 c13"> </td>
|
|
<td headers="r1 c2 c4 c14">1.17</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r2" headers="c1">1991</th>
|
|
<td headers="r2 c2 c3 c5">10.15</td>
|
|
<td headers="r2 c2 c3 c6"> </td>
|
|
<td headers="r2 c2 c3 c7"> </td>
|
|
<td headers="r2 c2 c3 c8"> </td>
|
|
<td headers="r2 c2 c3 c9">11.44</td>
|
|
<td headers="r2 c2 c4 c10">1.18</td>
|
|
<td headers="r2 c2 c4 c11"> </td>
|
|
<td headers="r2 c2 c4 c12"> </td>
|
|
<td headers="r2 c2 c4 c13"> </td>
|
|
<td headers="r2 c2 c4 c14">1.21</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r3" headers="c1">1992</th>
|
|
<td headers="r3 c2 c3 c5">10.27</td>
|
|
<td headers="r3 c2 c3 c6"> </td>
|
|
<td headers="r3 c2 c3 c7"> </td>
|
|
<td headers="r3 c2 c3 c8"> </td>
|
|
<td headers="r3 c2 c3 c9">11.43</td>
|
|
<td headers="r3 c2 c4 c10">1.27</td>
|
|
<td headers="r3 c2 c4 c11"> </td>
|
|
<td headers="r3 c2 c4 c12"> </td>
|
|
<td headers="r3 c2 c4 c13"> </td>
|
|
<td headers="r3 c2 c4 c14">1.21</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r4" headers="c1">1993</th>
|
|
<td headers="r4 c2 c3 c5">10.37</td>
|
|
<td headers="r4 c2 c3 c6"> </td>
|
|
<td headers="r4 c2 c3 c7"> </td>
|
|
<td headers="r4 c2 c3 c8"> </td>
|
|
<td headers="r4 c2 c3 c9">11.40</td>
|
|
<td headers="r4 c2 c4 c10">1.35</td>
|
|
<td headers="r4 c2 c4 c11"> </td>
|
|
<td headers="r4 c2 c4 c12"> </td>
|
|
<td headers="r4 c2 c4 c13"> </td>
|
|
<td headers="r4 c2 c4 c14">1.21</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r5" headers="c1">1994</th>
|
|
<td headers="r5 c2 c3 c5">10.22</td>
|
|
<td headers="r5 c2 c3 c6"> </td>
|
|
<td headers="r5 c2 c3 c7"> </td>
|
|
<td headers="r5 c2 c3 c8"> </td>
|
|
<td headers="r5 c2 c3 c9">10.70</td>
|
|
<td headers="r5 c2 c4 c10">1.40</td>
|
|
<td headers="r5 c2 c4 c11"> </td>
|
|
<td headers="r5 c2 c4 c12"> </td>
|
|
<td headers="r5 c2 c4 c13"> </td>
|
|
<td headers="r5 c2 c4 c14">1.89</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r6" headers="c1">1995</th>
|
|
<td headers="r6 c2 c3 c5">10.22</td>
|
|
<td headers="r6 c2 c3 c6"> </td>
|
|
<td headers="r6 c2 c3 c7"> </td>
|
|
<td headers="r6 c2 c3 c8"> </td>
|
|
<td headers="r6 c2 c3 c9">10.70</td>
|
|
<td headers="r6 c2 c4 c10">1.44</td>
|
|
<td headers="r6 c2 c4 c11"> </td>
|
|
<td headers="r6 c2 c4 c12"> </td>
|
|
<td headers="r6 c2 c4 c13"> </td>
|
|
<td headers="r6 c2 c4 c14">1.88</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r7" headers="c1">1996</th>
|
|
<td headers="r7 c2 c3 c5">10.06</td>
|
|
<td headers="r7 c2 c3 c6"> </td>
|
|
<td headers="r7 c2 c3 c7"> </td>
|
|
<td headers="r7 c2 c3 c8"> </td>
|
|
<td headers="r7 c2 c3 c9">10.73</td>
|
|
<td headers="r7 c2 c4 c10">1.48</td>
|
|
<td headers="r7 c2 c4 c11"> </td>
|
|
<td headers="r7 c2 c4 c12"> </td>
|
|
<td headers="r7 c2 c4 c13"> </td>
|
|
<td headers="r7 c2 c4 c14">1.89</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r8" headers="c1">1997</th>
|
|
<td headers="r8 c2 c3 c5">9.83</td>
|
|
<td headers="r8 c2 c3 c6"> </td>
|
|
<td headers="r8 c2 c3 c7"> </td>
|
|
<td headers="r8 c2 c3 c8"> </td>
|
|
<td headers="r8 c2 c3 c9">10.93</td>
|
|
<td headers="r8 c2 c4 c10">1.44</td>
|
|
<td headers="r8 c2 c4 c11"> </td>
|
|
<td headers="r8 c2 c4 c12"> </td>
|
|
<td headers="r8 c2 c4 c13"> </td>
|
|
<td headers="r8 c2 c4 c14">1.71</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r9" headers="c1">1998</th>
|
|
<td headers="r9 c2 c3 c5">9.45</td>
|
|
<td headers="r9 c2 c3 c6"> </td>
|
|
<td headers="r9 c2 c3 c7"> </td>
|
|
<td headers="r9 c2 c3 c8"> </td>
|
|
<td headers="r9 c2 c3 c9">10.96</td>
|
|
<td headers="r9 c2 c4 c10">1.42</td>
|
|
<td headers="r9 c2 c4 c11"> </td>
|
|
<td headers="r9 c2 c4 c12"> </td>
|
|
<td headers="r9 c2 c4 c13"> </td>
|
|
<td headers="r9 c2 c4 c14">1.72</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r10" headers="c1">1999</th>
|
|
<td headers="r10 c2 c3 c5">9.10</td>
|
|
<td headers="r10 c2 c3 c6"> </td>
|
|
<td headers="r10 c2 c3 c7"> </td>
|
|
<td headers="r10 c2 c3 c8"> </td>
|
|
<td headers="r10 c2 c3 c9">10.99</td>
|
|
<td headers="r10 c2 c4 c10">1.42</td>
|
|
<td headers="r10 c2 c4 c11"> </td>
|
|
<td headers="r10 c2 c4 c12"> </td>
|
|
<td headers="r10 c2 c4 c13"> </td>
|
|
<td headers="r10 c2 c4 c14">1.72</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r11" headers="c1">2000</th>
|
|
<td headers="r11 c2 c3 c5">8.98</td>
|
|
<td headers="r11 c2 c3 c6"> </td>
|
|
<td headers="r11 c2 c3 c7"> </td>
|
|
<td headers="r11 c2 c3 c8"> </td>
|
|
<td headers="r11 c2 c3 c9">10.89</td>
|
|
<td headers="r11 c2 c4 c10">1.42</td>
|
|
<td headers="r11 c2 c4 c11"> </td>
|
|
<td headers="r11 c2 c4 c12"> </td>
|
|
<td headers="r11 c2 c4 c13"> </td>
|
|
<td headers="r11 c2 c4 c14">1.80</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r12" headers="c1">2001</th>
|
|
<td headers="r12 c2 c3 c5">9.08</td>
|
|
<td headers="r12 c2 c3 c6"> </td>
|
|
<td headers="r12 c2 c3 c7"> </td>
|
|
<td headers="r12 c2 c3 c8"> </td>
|
|
<td headers="r12 c2 c3 c9">10.89</td>
|
|
<td headers="r12 c2 c4 c10">1.48</td>
|
|
<td headers="r12 c2 c4 c11"> </td>
|
|
<td headers="r12 c2 c4 c12"> </td>
|
|
<td headers="r12 c2 c4 c13"> </td>
|
|
<td headers="r12 c2 c4 c14">1.82</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r13" headers="c1">2002</th>
|
|
<td headers="r13 c2 c3 c5">9.29</td>
|
|
<td headers="r13 c2 c3 c6"> </td>
|
|
<td headers="r13 c2 c3 c7"> </td>
|
|
<td headers="r13 c2 c3 c8"> </td>
|
|
<td headers="r13 c2 c3 c9">10.91</td>
|
|
<td headers="r13 c2 c4 c10">1.60</td>
|
|
<td headers="r13 c2 c4 c11"> </td>
|
|
<td headers="r13 c2 c4 c12"> </td>
|
|
<td headers="r13 c2 c4 c13"> </td>
|
|
<td headers="r13 c2 c4 c14">1.82</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r14" headers="c1">2003</th>
|
|
<td headers="r14 c2 c3 c5">9.35</td>
|
|
<td headers="r14 c2 c3 c6"> </td>
|
|
<td headers="r14 c2 c3 c7"> </td>
|
|
<td headers="r14 c2 c3 c8"> </td>
|
|
<td headers="r14 c2 c3 c9">10.89</td>
|
|
<td headers="r14 c2 c4 c10">1.68</td>
|
|
<td headers="r14 c2 c4 c11"> </td>
|
|
<td headers="r14 c2 c4 c12"> </td>
|
|
<td headers="r14 c2 c4 c13"> </td>
|
|
<td headers="r14 c2 c4 c14">1.82</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r15" headers="c1">2004</th>
|
|
<td headers="r15 c2 c3 c5">9.28</td>
|
|
<td headers="r15 c2 c3 c6"> </td>
|
|
<td headers="r15 c2 c3 c7"> </td>
|
|
<td headers="r15 c2 c3 c8"> </td>
|
|
<td headers="r15 c2 c3 c9">10.92</td>
|
|
<td headers="r15 c2 c4 c10">1.78</td>
|
|
<td headers="r15 c2 c4 c11"> </td>
|
|
<td headers="r15 c2 c4 c12"> </td>
|
|
<td headers="r15 c2 c4 c13"> </td>
|
|
<td headers="r15 c2 c4 c14">1.82</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r16" headers="c1">2005</th>
|
|
<td headers="r16 c2 c3 c5">9.31</td>
|
|
<td headers="r16 c2 c3 c6"> </td>
|
|
<td headers="r16 c2 c3 c7"> </td>
|
|
<td headers="r16 c2 c3 c8"> </td>
|
|
<td headers="r16 c2 c3 c9">10.88</td>
|
|
<td headers="r16 c2 c4 c10">1.85</td>
|
|
<td headers="r16 c2 c4 c11"> </td>
|
|
<td headers="r16 c2 c4 c12"> </td>
|
|
<td headers="r16 c2 c4 c13"> </td>
|
|
<td headers="r16 c2 c4 c14">1.82</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r17" headers="c1">2006</th>
|
|
<td headers="r17 c2 c3 c5">9.17</td>
|
|
<td headers="r17 c2 c3 c6"> </td>
|
|
<td headers="r17 c2 c3 c7"> </td>
|
|
<td headers="r17 c2 c3 c8"> </td>
|
|
<td headers="r17 c2 c3 c9">10.91</td>
|
|
<td headers="r17 c2 c4 c10">1.88</td>
|
|
<td headers="r17 c2 c4 c11"> </td>
|
|
<td headers="r17 c2 c4 c12"> </td>
|
|
<td headers="r17 c2 c4 c13"> </td>
|
|
<td headers="r17 c2 c4 c14">1.82</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r18" headers="c1">2007</th>
|
|
<td headers="r18 c2 c3 c5">9.44</td>
|
|
<td headers="r18 c2 c3 c6"> </td>
|
|
<td headers="r18 c2 c3 c7"> </td>
|
|
<td headers="r18 c2 c3 c8"> </td>
|
|
<td headers="r18 c2 c3 c9">10.93</td>
|
|
<td headers="r18 c2 c4 c10">1.88</td>
|
|
<td headers="r18 c2 c4 c11"> </td>
|
|
<td headers="r18 c2 c4 c12"> </td>
|
|
<td headers="r18 c2 c4 c13"> </td>
|
|
<td headers="r18 c2 c4 c14">1.83</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r19" headers="c1">2008</th>
|
|
<td headers="r19 c2 c3 c5"> </td>
|
|
<td headers="r19 c2 c3 c6">9.40</td>
|
|
<td headers="r19 c2 c3 c7">9.40</td>
|
|
<td headers="r19 c2 c3 c8">9.40</td>
|
|
<td headers="r19 c2 c3 c9">10.88</td>
|
|
<td headers="r19 c2 c4 c10"> </td>
|
|
<td headers="r19 c2 c4 c11">1.98</td>
|
|
<td headers="r19 c2 c4 c12">1.98</td>
|
|
<td headers="r19 c2 c4 c13">1.98</td>
|
|
<td headers="r19 c2 c4 c14">1.82</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r20" headers="c1">2009</th>
|
|
<td headers="r20 c2 c3 c5"> </td>
|
|
<td headers="r20 c2 c3 c6">10.07</td>
|
|
<td headers="r20 c2 c3 c7">10.17</td>
|
|
<td headers="r20 c2 c3 c8">10.20</td>
|
|
<td headers="r20 c2 c3 c9">10.99</td>
|
|
<td headers="r20 c2 c4 c10"> </td>
|
|
<td headers="r20 c2 c4 c11">2.12</td>
|
|
<td headers="r20 c2 c4 c12">2.18</td>
|
|
<td headers="r20 c2 c4 c13">2.23</td>
|
|
<td headers="r20 c2 c4 c14">1.84</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r21" headers="c1">2010</th>
|
|
<td headers="r21 c2 c3 c5"> </td>
|
|
<td headers="r21 c2 c3 c6">10.10</td>
|
|
<td headers="r21 c2 c3 c7">10.24</td>
|
|
<td headers="r21 c2 c3 c8">10.32</td>
|
|
<td headers="r21 c2 c3 c9">11.02</td>
|
|
<td headers="r21 c2 c4 c10"> </td>
|
|
<td headers="r21 c2 c4 c11">2.15</td>
|
|
<td headers="r21 c2 c4 c12">2.26</td>
|
|
<td headers="r21 c2 c4 c13">2.35</td>
|
|
<td headers="r21 c2 c4 c14">1.85</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r22" headers="c1">2011</th>
|
|
<td headers="r22 c2 c3 c5"> </td>
|
|
<td headers="r22 c2 c3 c6">9.97</td>
|
|
<td headers="r22 c2 c3 c7">10.13</td>
|
|
<td headers="r22 c2 c3 c8">10.18</td>
|
|
<td headers="r22 c2 c3 c9">11.02</td>
|
|
<td headers="r22 c2 c4 c10"> </td>
|
|
<td headers="r22 c2 c4 c11">2.10</td>
|
|
<td headers="r22 c2 c4 c12">2.24</td>
|
|
<td headers="r22 c2 c4 c13">2.35</td>
|
|
<td headers="r22 c2 c4 c14">1.85</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r23" headers="c1">2012</th>
|
|
<td headers="r23 c2 c3 c5"> </td>
|
|
<td headers="r23 c2 c3 c6">9.87</td>
|
|
<td headers="r23 c2 c3 c7">10.04</td>
|
|
<td headers="r23 c2 c3 c8">10.44</td>
|
|
<td headers="r23 c2 c3 c9">11.02</td>
|
|
<td headers="r23 c2 c4 c10"> </td>
|
|
<td headers="r23 c2 c4 c11">2.02</td>
|
|
<td headers="r23 c2 c4 c12">2.20</td>
|
|
<td headers="r23 c2 c4 c13">2.41</td>
|
|
<td headers="r23 c2 c4 c14">1.85</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r24" headers="c1">2013</th>
|
|
<td headers="r24 c2 c3 c5"> </td>
|
|
<td headers="r24 c2 c3 c6">9.78</td>
|
|
<td headers="r24 c2 c3 c7">10.21</td>
|
|
<td headers="r24 c2 c3 c8">10.78</td>
|
|
<td headers="r24 c2 c3 c9">11.05</td>
|
|
<td headers="r24 c2 c4 c10"> </td>
|
|
<td headers="r24 c2 c4 c11">1.92</td>
|
|
<td headers="r24 c2 c4 c12">2.17</td>
|
|
<td headers="r24 c2 c4 c13">2.46</td>
|
|
<td headers="r24 c2 c4 c14">1.85</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r25" headers="c1">2014</th>
|
|
<td headers="r25 c2 c3 c5"> </td>
|
|
<td headers="r25 c2 c3 c6">9.98</td>
|
|
<td headers="r25 c2 c3 c7">10.46</td>
|
|
<td headers="r25 c2 c3 c8">11.17</td>
|
|
<td headers="r25 c2 c3 c9">11.07</td>
|
|
<td headers="r25 c2 c4 c10"> </td>
|
|
<td headers="r25 c2 c4 c11">1.89</td>
|
|
<td headers="r25 c2 c4 c12">2.16</td>
|
|
<td headers="r25 c2 c4 c13">2.51</td>
|
|
<td headers="r25 c2 c4 c14">1.85</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r26" headers="c1">2015</th>
|
|
<td headers="r26 c2 c3 c5"> </td>
|
|
<td headers="r26 c2 c3 c6">10.16</td>
|
|
<td headers="r26 c2 c3 c7">10.72</td>
|
|
<td headers="r26 c2 c3 c8">11.53</td>
|
|
<td headers="r26 c2 c3 c9">11.09</td>
|
|
<td headers="r26 c2 c4 c10"> </td>
|
|
<td headers="r26 c2 c4 c11">1.86</td>
|
|
<td headers="r26 c2 c4 c12">2.16</td>
|
|
<td headers="r26 c2 c4 c13">2.55</td>
|
|
<td headers="r26 c2 c4 c14">1.85</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r27" headers="c1">2016</th>
|
|
<td headers="r27 c2 c3 c5"> </td>
|
|
<td headers="r27 c2 c3 c6">10.37</td>
|
|
<td headers="r27 c2 c3 c7">11.01</td>
|
|
<td headers="r27 c2 c3 c8">11.88</td>
|
|
<td headers="r27 c2 c3 c9">11.11</td>
|
|
<td headers="r27 c2 c4 c10"> </td>
|
|
<td headers="r27 c2 c4 c11">1.84</td>
|
|
<td headers="r27 c2 c4 c12">2.17</td>
|
|
<td headers="r27 c2 c4 c13">2.57</td>
|
|
<td headers="r27 c2 c4 c14">1.85</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r28" headers="c1">2017</th>
|
|
<td headers="r28 c2 c3 c5"> </td>
|
|
<td headers="r28 c2 c3 c6">10.58</td>
|
|
<td headers="r28 c2 c3 c7">11.31</td>
|
|
<td headers="r28 c2 c3 c8">12.22</td>
|
|
<td headers="r28 c2 c3 c9">11.13</td>
|
|
<td headers="r28 c2 c4 c10"> </td>
|
|
<td headers="r28 c2 c4 c11">1.83</td>
|
|
<td headers="r28 c2 c4 c12">2.18</td>
|
|
<td headers="r28 c2 c4 c13">2.59</td>
|
|
<td headers="r28 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r29" headers="c1">2018</th>
|
|
<td headers="r29 c2 c3 c5"> </td>
|
|
<td headers="r29 c2 c3 c6">10.80</td>
|
|
<td headers="r29 c2 c3 c7">11.63</td>
|
|
<td headers="r29 c2 c3 c8">12.64</td>
|
|
<td headers="r29 c2 c3 c9">11.14</td>
|
|
<td headers="r29 c2 c4 c10"> </td>
|
|
<td headers="r29 c2 c4 c11">1.81</td>
|
|
<td headers="r29 c2 c4 c12">2.19</td>
|
|
<td headers="r29 c2 c4 c13">2.62</td>
|
|
<td headers="r29 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r30" headers="c1">2019</th>
|
|
<td headers="r30 c2 c3 c5"> </td>
|
|
<td headers="r30 c2 c3 c6">11.05</td>
|
|
<td headers="r30 c2 c3 c7">11.96</td>
|
|
<td headers="r30 c2 c3 c8">13.03</td>
|
|
<td headers="r30 c2 c3 c9">11.16</td>
|
|
<td headers="r30 c2 c4 c10"> </td>
|
|
<td headers="r30 c2 c4 c11">1.80</td>
|
|
<td headers="r30 c2 c4 c12">2.20</td>
|
|
<td headers="r30 c2 c4 c13">2.65</td>
|
|
<td headers="r30 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r31" headers="c1">2020</th>
|
|
<td headers="r31 c2 c3 c5"> </td>
|
|
<td headers="r31 c2 c3 c6">11.30</td>
|
|
<td headers="r31 c2 c3 c7">12.29</td>
|
|
<td headers="r31 c2 c3 c8">13.43</td>
|
|
<td headers="r31 c2 c3 c9">11.18</td>
|
|
<td headers="r31 c2 c4 c10"> </td>
|
|
<td headers="r31 c2 c4 c11">1.79</td>
|
|
<td headers="r31 c2 c4 c12">2.21</td>
|
|
<td headers="r31 c2 c4 c13">2.68</td>
|
|
<td headers="r31 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r32" headers="c1">2021</th>
|
|
<td headers="r32 c2 c3 c5"> </td>
|
|
<td headers="r32 c2 c3 c6">11.52</td>
|
|
<td headers="r32 c2 c3 c7">12.58</td>
|
|
<td headers="r32 c2 c3 c8">13.79</td>
|
|
<td headers="r32 c2 c3 c9">11.20</td>
|
|
<td headers="r32 c2 c4 c10"> </td>
|
|
<td headers="r32 c2 c4 c11">1.79</td>
|
|
<td headers="r32 c2 c4 c12">2.22</td>
|
|
<td headers="r32 c2 c4 c13">2.71</td>
|
|
<td headers="r32 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r33" headers="c1">2022</th>
|
|
<td headers="r33 c2 c3 c5"> </td>
|
|
<td headers="r33 c2 c3 c6">11.72</td>
|
|
<td headers="r33 c2 c3 c7">12.85</td>
|
|
<td headers="r33 c2 c3 c8">14.14</td>
|
|
<td headers="r33 c2 c3 c9">11.22</td>
|
|
<td headers="r33 c2 c4 c10"> </td>
|
|
<td headers="r33 c2 c4 c11">1.79</td>
|
|
<td headers="r33 c2 c4 c12">2.25</td>
|
|
<td headers="r33 c2 c4 c13">2.75</td>
|
|
<td headers="r33 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r34" headers="c1">2023</th>
|
|
<td headers="r34 c2 c3 c5"> </td>
|
|
<td headers="r34 c2 c3 c6">11.91</td>
|
|
<td headers="r34 c2 c3 c7">13.10</td>
|
|
<td headers="r34 c2 c3 c8">14.46</td>
|
|
<td headers="r34 c2 c3 c9">11.24</td>
|
|
<td headers="r34 c2 c4 c10"> </td>
|
|
<td headers="r34 c2 c4 c11">1.80</td>
|
|
<td headers="r34 c2 c4 c12">2.26</td>
|
|
<td headers="r34 c2 c4 c13">2.78</td>
|
|
<td headers="r34 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r35" headers="c1">2024</th>
|
|
<td headers="r35 c2 c3 c5"> </td>
|
|
<td headers="r35 c2 c3 c6">12.08</td>
|
|
<td headers="r35 c2 c3 c7">13.35</td>
|
|
<td headers="r35 c2 c3 c8">14.78</td>
|
|
<td headers="r35 c2 c3 c9">11.25</td>
|
|
<td headers="r35 c2 c4 c10"> </td>
|
|
<td headers="r35 c2 c4 c11">1.80</td>
|
|
<td headers="r35 c2 c4 c12">2.28</td>
|
|
<td headers="r35 c2 c4 c13">2.81</td>
|
|
<td headers="r35 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r36" headers="c1">2025</th>
|
|
<td headers="r36 c2 c3 c5"> </td>
|
|
<td headers="r36 c2 c3 c6">12.25</td>
|
|
<td headers="r36 c2 c3 c7">13.57</td>
|
|
<td headers="r36 c2 c3 c8">15.07</td>
|
|
<td headers="r36 c2 c3 c9">11.27</td>
|
|
<td headers="r36 c2 c4 c10"> </td>
|
|
<td headers="r36 c2 c4 c11">1.80</td>
|
|
<td headers="r36 c2 c4 c12">2.29</td>
|
|
<td headers="r36 c2 c4 c13">2.83</td>
|
|
<td headers="r36 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r37" headers="c1">2026</th>
|
|
<td headers="r37 c2 c3 c5"> </td>
|
|
<td headers="r37 c2 c3 c6">12.39</td>
|
|
<td headers="r37 c2 c3 c7">13.78</td>
|
|
<td headers="r37 c2 c3 c8">15.35</td>
|
|
<td headers="r37 c2 c3 c9">11.28</td>
|
|
<td headers="r37 c2 c4 c10"> </td>
|
|
<td headers="r37 c2 c4 c11">1.80</td>
|
|
<td headers="r37 c2 c4 c12">2.30</td>
|
|
<td headers="r37 c2 c4 c13">2.85</td>
|
|
<td headers="r37 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r38" headers="c1">2027</th>
|
|
<td headers="r38 c2 c3 c5"> </td>
|
|
<td headers="r38 c2 c3 c6">12.54</td>
|
|
<td headers="r38 c2 c3 c7">13.98</td>
|
|
<td headers="r38 c2 c3 c8">15.63</td>
|
|
<td headers="r38 c2 c3 c9">11.30</td>
|
|
<td headers="r38 c2 c4 c10"> </td>
|
|
<td headers="r38 c2 c4 c11">1.79</td>
|
|
<td headers="r38 c2 c4 c12">2.30</td>
|
|
<td headers="r38 c2 c4 c13">2.85</td>
|
|
<td headers="r38 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r39" headers="c1">2028</th>
|
|
<td headers="r39 c2 c3 c5"> </td>
|
|
<td headers="r39 c2 c3 c6">12.68</td>
|
|
<td headers="r39 c2 c3 c7">14.19</td>
|
|
<td headers="r39 c2 c3 c8">15.90</td>
|
|
<td headers="r39 c2 c3 c9">11.31</td>
|
|
<td headers="r39 c2 c4 c10"> </td>
|
|
<td headers="r39 c2 c4 c11">1.77</td>
|
|
<td headers="r39 c2 c4 c12">2.28</td>
|
|
<td headers="r39 c2 c4 c13">2.83</td>
|
|
<td headers="r39 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r40" headers="c1">2029</th>
|
|
<td headers="r40 c2 c3 c5"> </td>
|
|
<td headers="r40 c2 c3 c6">12.79</td>
|
|
<td headers="r40 c2 c3 c7">14.36</td>
|
|
<td headers="r40 c2 c3 c8">16.17</td>
|
|
<td headers="r40 c2 c3 c9">11.33</td>
|
|
<td headers="r40 c2 c4 c10"> </td>
|
|
<td headers="r40 c2 c4 c11">1.74</td>
|
|
<td headers="r40 c2 c4 c12">2.26</td>
|
|
<td headers="r40 c2 c4 c13">2.82</td>
|
|
<td headers="r40 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r41" headers="c1">2030</th>
|
|
<td headers="r41 c2 c3 c5"> </td>
|
|
<td headers="r41 c2 c3 c6">12.88</td>
|
|
<td headers="r41 c2 c3 c7">14.52</td>
|
|
<td headers="r41 c2 c3 c8">16.41</td>
|
|
<td headers="r41 c2 c3 c9">11.34</td>
|
|
<td headers="r41 c2 c4 c10"> </td>
|
|
<td headers="r41 c2 c4 c11">1.71</td>
|
|
<td headers="r41 c2 c4 c12">2.24</td>
|
|
<td headers="r41 c2 c4 c13">2.81</td>
|
|
<td headers="r41 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r42" headers="c1">2031</th>
|
|
<td headers="r42 c2 c3 c5"> </td>
|
|
<td headers="r42 c2 c3 c6">12.95</td>
|
|
<td headers="r42 c2 c3 c7">14.65</td>
|
|
<td headers="r42 c2 c3 c8">16.64</td>
|
|
<td headers="r42 c2 c3 c9">11.35</td>
|
|
<td headers="r42 c2 c4 c10"> </td>
|
|
<td headers="r42 c2 c4 c11">1.68</td>
|
|
<td headers="r42 c2 c4 c12">2.22</td>
|
|
<td headers="r42 c2 c4 c13">2.80</td>
|
|
<td headers="r42 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r43" headers="c1">2032</th>
|
|
<td headers="r43 c2 c3 c5"> </td>
|
|
<td headers="r43 c2 c3 c6">12.99</td>
|
|
<td headers="r43 c2 c3 c7">14.76</td>
|
|
<td headers="r43 c2 c3 c8">16.83</td>
|
|
<td headers="r43 c2 c3 c9">11.36</td>
|
|
<td headers="r43 c2 c4 c10"> </td>
|
|
<td headers="r43 c2 c4 c11">1.66</td>
|
|
<td headers="r43 c2 c4 c12">2.20</td>
|
|
<td headers="r43 c2 c4 c13">2.80</td>
|
|
<td headers="r43 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r44" headers="c1">2033</th>
|
|
<td headers="r44 c2 c3 c5"> </td>
|
|
<td headers="r44 c2 c3 c6">13.01</td>
|
|
<td headers="r44 c2 c3 c7">14.84</td>
|
|
<td headers="r44 c2 c3 c8">17.00</td>
|
|
<td headers="r44 c2 c3 c9">11.37</td>
|
|
<td headers="r44 c2 c4 c10"> </td>
|
|
<td headers="r44 c2 c4 c11">1.64</td>
|
|
<td headers="r44 c2 c4 c12">2.19</td>
|
|
<td headers="r44 c2 c4 c13">2.80</td>
|
|
<td headers="r44 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r45" headers="c1">2034</th>
|
|
<td headers="r45 c2 c3 c5"> </td>
|
|
<td headers="r45 c2 c3 c6">13.01</td>
|
|
<td headers="r45 c2 c3 c7">14.89</td>
|
|
<td headers="r45 c2 c3 c8">17.14</td>
|
|
<td headers="r45 c2 c3 c9">11.37</td>
|
|
<td headers="r45 c2 c4 c10"> </td>
|
|
<td headers="r45 c2 c4 c11">1.63</td>
|
|
<td headers="r45 c2 c4 c12">2.18</td>
|
|
<td headers="r45 c2 c4 c13">2.80</td>
|
|
<td headers="r45 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r46" headers="c1">2035</th>
|
|
<td headers="r46 c2 c3 c5"> </td>
|
|
<td headers="r46 c2 c3 c6">12.98</td>
|
|
<td headers="r46 c2 c3 c7">14.92</td>
|
|
<td headers="r46 c2 c3 c8">17.26</td>
|
|
<td headers="r46 c2 c3 c9">11.38</td>
|
|
<td headers="r46 c2 c4 c10"> </td>
|
|
<td headers="r46 c2 c4 c11">1.61</td>
|
|
<td headers="r46 c2 c4 c12">2.18</td>
|
|
<td headers="r46 c2 c4 c13">2.80</td>
|
|
<td headers="r46 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r47" headers="c1">2036</th>
|
|
<td headers="r47 c2 c3 c5"> </td>
|
|
<td headers="r47 c2 c3 c6">12.95</td>
|
|
<td headers="r47 c2 c3 c7">14.94</td>
|
|
<td headers="r47 c2 c3 c8">17.36</td>
|
|
<td headers="r47 c2 c3 c9">11.38</td>
|
|
<td headers="r47 c2 c4 c10"> </td>
|
|
<td headers="r47 c2 c4 c11">1.60</td>
|
|
<td headers="r47 c2 c4 c12">2.17</td>
|
|
<td headers="r47 c2 c4 c13">2.80</td>
|
|
<td headers="r47 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r48" headers="c1">2037</th>
|
|
<td headers="r48 c2 c3 c5"> </td>
|
|
<td headers="r48 c2 c3 c6">12.90</td>
|
|
<td headers="r48 c2 c3 c7">14.95</td>
|
|
<td headers="r48 c2 c3 c8">17.45</td>
|
|
<td headers="r48 c2 c3 c9">11.39</td>
|
|
<td headers="r48 c2 c4 c10"> </td>
|
|
<td headers="r48 c2 c4 c11">1.59</td>
|
|
<td headers="r48 c2 c4 c12">2.16</td>
|
|
<td headers="r48 c2 c4 c13">2.80</td>
|
|
<td headers="r48 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r49" headers="c1">2038</th>
|
|
<td headers="r49 c2 c3 c5"> </td>
|
|
<td headers="r49 c2 c3 c6">12.83</td>
|
|
<td headers="r49 c2 c3 c7">14.93</td>
|
|
<td headers="r49 c2 c3 c8">17.52</td>
|
|
<td headers="r49 c2 c3 c9">11.39</td>
|
|
<td headers="r49 c2 c4 c10"> </td>
|
|
<td headers="r49 c2 c4 c11">1.58</td>
|
|
<td headers="r49 c2 c4 c12">2.15</td>
|
|
<td headers="r49 c2 c4 c13">2.80</td>
|
|
<td headers="r49 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r50" headers="c1">2039</th>
|
|
<td headers="r50 c2 c3 c5"> </td>
|
|
<td headers="r50 c2 c3 c6">12.74</td>
|
|
<td headers="r50 c2 c3 c7">14.89</td>
|
|
<td headers="r50 c2 c3 c8">17.57</td>
|
|
<td headers="r50 c2 c3 c9">11.39</td>
|
|
<td headers="r50 c2 c4 c10"> </td>
|
|
<td headers="r50 c2 c4 c11">1.57</td>
|
|
<td headers="r50 c2 c4 c12">2.15</td>
|
|
<td headers="r50 c2 c4 c13">2.81</td>
|
|
<td headers="r50 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r51" headers="c1">2040</th>
|
|
<td headers="r51 c2 c3 c5"> </td>
|
|
<td headers="r51 c2 c3 c6">12.64</td>
|
|
<td headers="r51 c2 c3 c7">14.83</td>
|
|
<td headers="r51 c2 c3 c8">17.60</td>
|
|
<td headers="r51 c2 c3 c9">11.39</td>
|
|
<td headers="r51 c2 c4 c10"> </td>
|
|
<td headers="r51 c2 c4 c11">1.57</td>
|
|
<td headers="r51 c2 c4 c12">2.16</td>
|
|
<td headers="r51 c2 c4 c13">2.82</td>
|
|
<td headers="r51 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r52" headers="c1">2041</th>
|
|
<td headers="r52 c2 c3 c5"> </td>
|
|
<td headers="r52 c2 c3 c6">12.54</td>
|
|
<td headers="r52 c2 c3 c7">14.78</td>
|
|
<td headers="r52 c2 c3 c8">17.62</td>
|
|
<td headers="r52 c2 c3 c9">11.39</td>
|
|
<td headers="r52 c2 c4 c10"> </td>
|
|
<td headers="r52 c2 c4 c11">1.56</td>
|
|
<td headers="r52 c2 c4 c12">2.16</td>
|
|
<td headers="r52 c2 c4 c13">2.84</td>
|
|
<td headers="r52 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r53" headers="c1">2042</th>
|
|
<td headers="r53 c2 c3 c5"> </td>
|
|
<td headers="r53 c2 c3 c6">12.43</td>
|
|
<td headers="r53 c2 c3 c7">14.71</td>
|
|
<td headers="r53 c2 c3 c8">17.63</td>
|
|
<td headers="r53 c2 c3 c9">11.39</td>
|
|
<td headers="r53 c2 c4 c10"> </td>
|
|
<td headers="r53 c2 c4 c11">1.56</td>
|
|
<td headers="r53 c2 c4 c12">2.17</td>
|
|
<td headers="r53 c2 c4 c13">2.86</td>
|
|
<td headers="r53 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r54" headers="c1">2043</th>
|
|
<td headers="r54 c2 c3 c5"> </td>
|
|
<td headers="r54 c2 c3 c6">12.33</td>
|
|
<td headers="r54 c2 c3 c7">14.65</td>
|
|
<td headers="r54 c2 c3 c8">17.65</td>
|
|
<td headers="r54 c2 c3 c9">11.39</td>
|
|
<td headers="r54 c2 c4 c10"> </td>
|
|
<td headers="r54 c2 c4 c11">1.56</td>
|
|
<td headers="r54 c2 c4 c12">2.18</td>
|
|
<td headers="r54 c2 c4 c13">2.88</td>
|
|
<td headers="r54 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r55" headers="c1">2044</th>
|
|
<td headers="r55 c2 c3 c5"> </td>
|
|
<td headers="r55 c2 c3 c6">12.24</td>
|
|
<td headers="r55 c2 c3 c7">14.60</td>
|
|
<td headers="r55 c2 c3 c8">17.67</td>
|
|
<td headers="r55 c2 c3 c9">11.39</td>
|
|
<td headers="r55 c2 c4 c10"> </td>
|
|
<td headers="r55 c2 c4 c11">1.57</td>
|
|
<td headers="r55 c2 c4 c12">2.19</td>
|
|
<td headers="r55 c2 c4 c13">2.90</td>
|
|
<td headers="r55 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r56" headers="c1">2045</th>
|
|
<td headers="r56 c2 c3 c5"> </td>
|
|
<td headers="r56 c2 c3 c6">12.15</td>
|
|
<td headers="r56 c2 c3 c7">14.55</td>
|
|
<td headers="r56 c2 c3 c8">17.69</td>
|
|
<td headers="r56 c2 c3 c9">11.39</td>
|
|
<td headers="r56 c2 c4 c10"> </td>
|
|
<td headers="r56 c2 c4 c11">1.57</td>
|
|
<td headers="r56 c2 c4 c12">2.20</td>
|
|
<td headers="r56 c2 c4 c13">2.93</td>
|
|
<td headers="r56 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r57" headers="c1">2046</th>
|
|
<td headers="r57 c2 c3 c5"> </td>
|
|
<td headers="r57 c2 c3 c6">12.07</td>
|
|
<td headers="r57 c2 c3 c7">14.51</td>
|
|
<td headers="r57 c2 c3 c8">17.73</td>
|
|
<td headers="r57 c2 c3 c9">11.39</td>
|
|
<td headers="r57 c2 c4 c10"> </td>
|
|
<td headers="r57 c2 c4 c11">1.57</td>
|
|
<td headers="r57 c2 c4 c12">2.21</td>
|
|
<td headers="r57 c2 c4 c13">2.95</td>
|
|
<td headers="r57 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r58" headers="c1">2047</th>
|
|
<td headers="r58 c2 c3 c5"> </td>
|
|
<td headers="r58 c2 c3 c6">11.99</td>
|
|
<td headers="r58 c2 c3 c7">14.47</td>
|
|
<td headers="r58 c2 c3 c8">17.77</td>
|
|
<td headers="r58 c2 c3 c9">11.39</td>
|
|
<td headers="r58 c2 c4 c10"> </td>
|
|
<td headers="r58 c2 c4 c11">1.57</td>
|
|
<td headers="r58 c2 c4 c12">2.21</td>
|
|
<td headers="r58 c2 c4 c13">2.97</td>
|
|
<td headers="r58 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r59" headers="c1">2048</th>
|
|
<td headers="r59 c2 c3 c5"> </td>
|
|
<td headers="r59 c2 c3 c6">11.92</td>
|
|
<td headers="r59 c2 c3 c7">14.44</td>
|
|
<td headers="r59 c2 c3 c8">17.81</td>
|
|
<td headers="r59 c2 c3 c9">11.39</td>
|
|
<td headers="r59 c2 c4 c10"> </td>
|
|
<td headers="r59 c2 c4 c11">1.57</td>
|
|
<td headers="r59 c2 c4 c12">2.22</td>
|
|
<td headers="r59 c2 c4 c13">2.99</td>
|
|
<td headers="r59 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r60" headers="c1">2049</th>
|
|
<td headers="r60 c2 c3 c5"> </td>
|
|
<td headers="r60 c2 c3 c6">11.84</td>
|
|
<td headers="r60 c2 c3 c7">14.40</td>
|
|
<td headers="r60 c2 c3 c8">17.84</td>
|
|
<td headers="r60 c2 c3 c9">11.39</td>
|
|
<td headers="r60 c2 c4 c10"> </td>
|
|
<td headers="r60 c2 c4 c11">1.57</td>
|
|
<td headers="r60 c2 c4 c12">2.23</td>
|
|
<td headers="r60 c2 c4 c13">3.01</td>
|
|
<td headers="r60 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r61" headers="c1">2050</th>
|
|
<td headers="r61 c2 c3 c5"> </td>
|
|
<td headers="r61 c2 c3 c6">11.77</td>
|
|
<td headers="r61 c2 c3 c7">14.37</td>
|
|
<td headers="r61 c2 c3 c8">17.89</td>
|
|
<td headers="r61 c2 c3 c9">11.39</td>
|
|
<td headers="r61 c2 c4 c10"> </td>
|
|
<td headers="r61 c2 c4 c11">1.56</td>
|
|
<td headers="r61 c2 c4 c12">2.24</td>
|
|
<td headers="r61 c2 c4 c13">3.03</td>
|
|
<td headers="r61 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r62" headers="c1">2051</th>
|
|
<td headers="r62 c2 c3 c5"> </td>
|
|
<td headers="r62 c2 c3 c6">11.71</td>
|
|
<td headers="r62 c2 c3 c7">14.35</td>
|
|
<td headers="r62 c2 c3 c8">17.94</td>
|
|
<td headers="r62 c2 c3 c9">11.39</td>
|
|
<td headers="r62 c2 c4 c10"> </td>
|
|
<td headers="r62 c2 c4 c11">1.56</td>
|
|
<td headers="r62 c2 c4 c12">2.24</td>
|
|
<td headers="r62 c2 c4 c13">3.05</td>
|
|
<td headers="r62 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r63" headers="c1">2052</th>
|
|
<td headers="r63 c2 c3 c5"> </td>
|
|
<td headers="r63 c2 c3 c6">11.66</td>
|
|
<td headers="r63 c2 c3 c7">14.34</td>
|
|
<td headers="r63 c2 c3 c8">18.00</td>
|
|
<td headers="r63 c2 c3 c9">11.39</td>
|
|
<td headers="r63 c2 c4 c10"> </td>
|
|
<td headers="r63 c2 c4 c11">1.56</td>
|
|
<td headers="r63 c2 c4 c12">2.25</td>
|
|
<td headers="r63 c2 c4 c13">3.07</td>
|
|
<td headers="r63 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r64" headers="c1">2053</th>
|
|
<td headers="r64 c2 c3 c5"> </td>
|
|
<td headers="r64 c2 c3 c6">11.61</td>
|
|
<td headers="r64 c2 c3 c7">14.33</td>
|
|
<td headers="r64 c2 c3 c8">18.07</td>
|
|
<td headers="r64 c2 c3 c9">11.39</td>
|
|
<td headers="r64 c2 c4 c10"> </td>
|
|
<td headers="r64 c2 c4 c11">1.56</td>
|
|
<td headers="r64 c2 c4 c12">2.26</td>
|
|
<td headers="r64 c2 c4 c13">3.09</td>
|
|
<td headers="r64 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r65" headers="c1">2054</th>
|
|
<td headers="r65 c2 c3 c5"> </td>
|
|
<td headers="r65 c2 c3 c6">11.57</td>
|
|
<td headers="r65 c2 c3 c7">14.34</td>
|
|
<td headers="r65 c2 c3 c8">18.15</td>
|
|
<td headers="r65 c2 c3 c9">11.39</td>
|
|
<td headers="r65 c2 c4 c10"> </td>
|
|
<td headers="r65 c2 c4 c11">1.56</td>
|
|
<td headers="r65 c2 c4 c12">2.26</td>
|
|
<td headers="r65 c2 c4 c13">3.11</td>
|
|
<td headers="r65 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r66" headers="c1">2055</th>
|
|
<td headers="r66 c2 c3 c5"> </td>
|
|
<td headers="r66 c2 c3 c6">11.54</td>
|
|
<td headers="r66 c2 c3 c7">14.35</td>
|
|
<td headers="r66 c2 c3 c8">18.25</td>
|
|
<td headers="r66 c2 c3 c9">11.39</td>
|
|
<td headers="r66 c2 c4 c10"> </td>
|
|
<td headers="r66 c2 c4 c11">1.56</td>
|
|
<td headers="r66 c2 c4 c12">2.27</td>
|
|
<td headers="r66 c2 c4 c13">3.12</td>
|
|
<td headers="r66 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r67" headers="c1">2056</th>
|
|
<td headers="r67 c2 c3 c5"> </td>
|
|
<td headers="r67 c2 c3 c6">11.51</td>
|
|
<td headers="r67 c2 c3 c7">14.37</td>
|
|
<td headers="r67 c2 c3 c8">18.35</td>
|
|
<td headers="r67 c2 c3 c9">11.40</td>
|
|
<td headers="r67 c2 c4 c10"> </td>
|
|
<td headers="r67 c2 c4 c11">1.55</td>
|
|
<td headers="r67 c2 c4 c12">2.27</td>
|
|
<td headers="r67 c2 c4 c13">3.13</td>
|
|
<td headers="r67 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r68" headers="c1">2057</th>
|
|
<td headers="r68 c2 c3 c5"> </td>
|
|
<td headers="r68 c2 c3 c6">11.48</td>
|
|
<td headers="r68 c2 c3 c7">14.39</td>
|
|
<td headers="r68 c2 c3 c8">18.46</td>
|
|
<td headers="r68 c2 c3 c9">11.40</td>
|
|
<td headers="r68 c2 c4 c10"> </td>
|
|
<td headers="r68 c2 c4 c11">1.55</td>
|
|
<td headers="r68 c2 c4 c12">2.27</td>
|
|
<td headers="r68 c2 c4 c13">3.14</td>
|
|
<td headers="r68 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r69" headers="c1">2058</th>
|
|
<td headers="r69 c2 c3 c5"> </td>
|
|
<td headers="r69 c2 c3 c6">11.46</td>
|
|
<td headers="r69 c2 c3 c7">14.42</td>
|
|
<td headers="r69 c2 c3 c8">18.58</td>
|
|
<td headers="r69 c2 c3 c9">11.40</td>
|
|
<td headers="r69 c2 c4 c10"> </td>
|
|
<td headers="r69 c2 c4 c11">1.55</td>
|
|
<td headers="r69 c2 c4 c12">2.26</td>
|
|
<td headers="r69 c2 c4 c13">3.15</td>
|
|
<td headers="r69 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r70" headers="c1">2059</th>
|
|
<td headers="r70 c2 c3 c5"> </td>
|
|
<td headers="r70 c2 c3 c6">11.43</td>
|
|
<td headers="r70 c2 c3 c7">14.44</td>
|
|
<td headers="r70 c2 c3 c8">18.69</td>
|
|
<td headers="r70 c2 c3 c9">11.40</td>
|
|
<td headers="r70 c2 c4 c10"> </td>
|
|
<td headers="r70 c2 c4 c11">1.54</td>
|
|
<td headers="r70 c2 c4 c12">2.26</td>
|
|
<td headers="r70 c2 c4 c13">3.15</td>
|
|
<td headers="r70 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r71" headers="c1">2060</th>
|
|
<td headers="r71 c2 c3 c5"> </td>
|
|
<td headers="r71 c2 c3 c6">11.40</td>
|
|
<td headers="r71 c2 c3 c7">14.46</td>
|
|
<td headers="r71 c2 c3 c8">18.81</td>
|
|
<td headers="r71 c2 c3 c9">11.41</td>
|
|
<td headers="r71 c2 c4 c10"> </td>
|
|
<td headers="r71 c2 c4 c11">1.54</td>
|
|
<td headers="r71 c2 c4 c12">2.26</td>
|
|
<td headers="r71 c2 c4 c13">3.16</td>
|
|
<td headers="r71 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r72" headers="c1">2061</th>
|
|
<td headers="r72 c2 c3 c5"> </td>
|
|
<td headers="r72 c2 c3 c6">11.36</td>
|
|
<td headers="r72 c2 c3 c7">14.49</td>
|
|
<td headers="r72 c2 c3 c8">18.93</td>
|
|
<td headers="r72 c2 c3 c9">11.41</td>
|
|
<td headers="r72 c2 c4 c10"> </td>
|
|
<td headers="r72 c2 c4 c11">1.53</td>
|
|
<td headers="r72 c2 c4 c12">2.26</td>
|
|
<td headers="r72 c2 c4 c13">3.17</td>
|
|
<td headers="r72 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r73" headers="c1">2062</th>
|
|
<td headers="r73 c2 c3 c5"> </td>
|
|
<td headers="r73 c2 c3 c6">11.33</td>
|
|
<td headers="r73 c2 c3 c7">14.51</td>
|
|
<td headers="r73 c2 c3 c8">19.05</td>
|
|
<td headers="r73 c2 c3 c9">11.41</td>
|
|
<td headers="r73 c2 c4 c10"> </td>
|
|
<td headers="r73 c2 c4 c11">1.53</td>
|
|
<td headers="r73 c2 c4 c12">2.26</td>
|
|
<td headers="r73 c2 c4 c13">3.18</td>
|
|
<td headers="r73 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r74" headers="c1">2063</th>
|
|
<td headers="r74 c2 c3 c5"> </td>
|
|
<td headers="r74 c2 c3 c6">11.30</td>
|
|
<td headers="r74 c2 c3 c7">14.53</td>
|
|
<td headers="r74 c2 c3 c8">19.18</td>
|
|
<td headers="r74 c2 c3 c9">11.41</td>
|
|
<td headers="r74 c2 c4 c10"> </td>
|
|
<td headers="r74 c2 c4 c11">1.53</td>
|
|
<td headers="r74 c2 c4 c12">2.27</td>
|
|
<td headers="r74 c2 c4 c13">3.19</td>
|
|
<td headers="r74 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r75" headers="c1">2064</th>
|
|
<td headers="r75 c2 c3 c5"> </td>
|
|
<td headers="r75 c2 c3 c6">11.26</td>
|
|
<td headers="r75 c2 c3 c7">14.56</td>
|
|
<td headers="r75 c2 c3 c8">19.31</td>
|
|
<td headers="r75 c2 c3 c9">11.42</td>
|
|
<td headers="r75 c2 c4 c10"> </td>
|
|
<td headers="r75 c2 c4 c11">1.53</td>
|
|
<td headers="r75 c2 c4 c12">2.27</td>
|
|
<td headers="r75 c2 c4 c13">3.20</td>
|
|
<td headers="r75 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r76" headers="c1">2065</th>
|
|
<td headers="r76 c2 c3 c5"> </td>
|
|
<td headers="r76 c2 c3 c6">11.23</td>
|
|
<td headers="r76 c2 c3 c7">14.58</td>
|
|
<td headers="r76 c2 c3 c8">19.45</td>
|
|
<td headers="r76 c2 c3 c9">11.42</td>
|
|
<td headers="r76 c2 c4 c10"> </td>
|
|
<td headers="r76 c2 c4 c11">1.53</td>
|
|
<td headers="r76 c2 c4 c12">2.27</td>
|
|
<td headers="r76 c2 c4 c13">3.21</td>
|
|
<td headers="r76 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r77" headers="c1">2066</th>
|
|
<td headers="r77 c2 c3 c5"> </td>
|
|
<td headers="r77 c2 c3 c6">11.19</td>
|
|
<td headers="r77 c2 c3 c7">14.61</td>
|
|
<td headers="r77 c2 c3 c8">19.59</td>
|
|
<td headers="r77 c2 c3 c9">11.42</td>
|
|
<td headers="r77 c2 c4 c10"> </td>
|
|
<td headers="r77 c2 c4 c11">1.53</td>
|
|
<td headers="r77 c2 c4 c12">2.28</td>
|
|
<td headers="r77 c2 c4 c13">3.22</td>
|
|
<td headers="r77 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r78" headers="c1">2067</th>
|
|
<td headers="r78 c2 c3 c5"> </td>
|
|
<td headers="r78 c2 c3 c6">11.16</td>
|
|
<td headers="r78 c2 c3 c7">14.65</td>
|
|
<td headers="r78 c2 c3 c8">19.74</td>
|
|
<td headers="r78 c2 c3 c9">11.42</td>
|
|
<td headers="r78 c2 c4 c10"> </td>
|
|
<td headers="r78 c2 c4 c11">1.53</td>
|
|
<td headers="r78 c2 c4 c12">2.28</td>
|
|
<td headers="r78 c2 c4 c13">3.23</td>
|
|
<td headers="r78 c2 c4 c14">1.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r79" headers="c1">2068</th>
|
|
<td headers="r79 c2 c3 c5"> </td>
|
|
<td headers="r79 c2 c3 c6">11.13</td>
|
|
<td headers="r79 c2 c3 c7">14.68</td>
|
|
<td headers="r79 c2 c3 c8">19.90</td>
|
|
<td headers="r79 c2 c3 c9">11.43</td>
|
|
<td headers="r79 c2 c4 c10"> </td>
|
|
<td headers="r79 c2 c4 c11">1.53</td>
|
|
<td headers="r79 c2 c4 c12">2.29</td>
|
|
<td headers="r79 c2 c4 c13">3.24</td>
|
|
<td headers="r79 c2 c4 c14">1.87</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r80" headers="c1">2069</th>
|
|
<td headers="r80 c2 c3 c5"> </td>
|
|
<td headers="r80 c2 c3 c6">11.09</td>
|
|
<td headers="r80 c2 c3 c7">14.71</td>
|
|
<td headers="r80 c2 c3 c8">20.06</td>
|
|
<td headers="r80 c2 c3 c9">11.43</td>
|
|
<td headers="r80 c2 c4 c10"> </td>
|
|
<td headers="r80 c2 c4 c11">1.53</td>
|
|
<td headers="r80 c2 c4 c12">2.29</td>
|
|
<td headers="r80 c2 c4 c13">3.26</td>
|
|
<td headers="r80 c2 c4 c14">1.87</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r81" headers="c1">2070</th>
|
|
<td headers="r81 c2 c3 c5"> </td>
|
|
<td headers="r81 c2 c3 c6">11.06</td>
|
|
<td headers="r81 c2 c3 c7">14.75</td>
|
|
<td headers="r81 c2 c3 c8">20.22</td>
|
|
<td headers="r81 c2 c3 c9">11.43</td>
|
|
<td headers="r81 c2 c4 c10"> </td>
|
|
<td headers="r81 c2 c4 c11">1.53</td>
|
|
<td headers="r81 c2 c4 c12">2.30</td>
|
|
<td headers="r81 c2 c4 c13">3.27</td>
|
|
<td headers="r81 c2 c4 c14">1.87</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r82" headers="c1">2071</th>
|
|
<td headers="r82 c2 c3 c5"> </td>
|
|
<td headers="r82 c2 c3 c6">11.03</td>
|
|
<td headers="r82 c2 c3 c7">14.79</td>
|
|
<td headers="r82 c2 c3 c8">20.39</td>
|
|
<td headers="r82 c2 c3 c9">11.44</td>
|
|
<td headers="r82 c2 c4 c10"> </td>
|
|
<td headers="r82 c2 c4 c11">1.54</td>
|
|
<td headers="r82 c2 c4 c12">2.30</td>
|
|
<td headers="r82 c2 c4 c13">3.27</td>
|
|
<td headers="r82 c2 c4 c14">1.87</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r83" headers="c1">2072</th>
|
|
<td headers="r83 c2 c3 c5"> </td>
|
|
<td headers="r83 c2 c3 c6">11.01</td>
|
|
<td headers="r83 c2 c3 c7">14.83</td>
|
|
<td headers="r83 c2 c3 c8">20.56</td>
|
|
<td headers="r83 c2 c3 c9">11.44</td>
|
|
<td headers="r83 c2 c4 c10"> </td>
|
|
<td headers="r83 c2 c4 c11">1.54</td>
|
|
<td headers="r83 c2 c4 c12">2.30</td>
|
|
<td headers="r83 c2 c4 c13">3.28</td>
|
|
<td headers="r83 c2 c4 c14">1.87</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r84" headers="c1">2073</th>
|
|
<td headers="r84 c2 c3 c5"> </td>
|
|
<td headers="r84 c2 c3 c6">10.98</td>
|
|
<td headers="r84 c2 c3 c7">14.87</td>
|
|
<td headers="r84 c2 c3 c8">20.74</td>
|
|
<td headers="r84 c2 c3 c9">11.44</td>
|
|
<td headers="r84 c2 c4 c10"> </td>
|
|
<td headers="r84 c2 c4 c11">1.54</td>
|
|
<td headers="r84 c2 c4 c12">2.31</td>
|
|
<td headers="r84 c2 c4 c13">3.28</td>
|
|
<td headers="r84 c2 c4 c14">1.87</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r85" headers="c1">2074</th>
|
|
<td headers="r85 c2 c3 c5"> </td>
|
|
<td headers="r85 c2 c3 c6">10.96</td>
|
|
<td headers="r85 c2 c3 c7">14.92</td>
|
|
<td headers="r85 c2 c3 c8">20.92</td>
|
|
<td headers="r85 c2 c3 c9">11.45</td>
|
|
<td headers="r85 c2 c4 c10"> </td>
|
|
<td headers="r85 c2 c4 c11">1.54</td>
|
|
<td headers="r85 c2 c4 c12">2.31</td>
|
|
<td headers="r85 c2 c4 c13">3.28</td>
|
|
<td headers="r85 c2 c4 c14">1.87</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r86" headers="c1">2075</th>
|
|
<td headers="r86 c2 c3 c5"> </td>
|
|
<td headers="r86 c2 c3 c6">10.94</td>
|
|
<td headers="r86 c2 c3 c7">14.96</td>
|
|
<td headers="r86 c2 c3 c8">21.09</td>
|
|
<td headers="r86 c2 c3 c9">11.45</td>
|
|
<td headers="r86 c2 c4 c10"> </td>
|
|
<td headers="r86 c2 c4 c11">1.55</td>
|
|
<td headers="r86 c2 c4 c12">2.32</td>
|
|
<td headers="r86 c2 c4 c13">3.29</td>
|
|
<td headers="r86 c2 c4 c14">1.87</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r87" headers="c1">2076</th>
|
|
<td headers="r87 c2 c3 c5"> </td>
|
|
<td headers="r87 c2 c3 c6">10.92</td>
|
|
<td headers="r87 c2 c3 c7">15.00</td>
|
|
<td headers="r87 c2 c3 c8">21.27</td>
|
|
<td headers="r87 c2 c3 c9">11.45</td>
|
|
<td headers="r87 c2 c4 c10"> </td>
|
|
<td headers="r87 c2 c4 c11">1.55</td>
|
|
<td headers="r87 c2 c4 c12">2.32</td>
|
|
<td headers="r87 c2 c4 c13">3.29</td>
|
|
<td headers="r87 c2 c4 c14">1.87</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r88" headers="c1">2077</th>
|
|
<td headers="r88 c2 c3 c5"> </td>
|
|
<td headers="r88 c2 c3 c6">10.91</td>
|
|
<td headers="r88 c2 c3 c7">15.05</td>
|
|
<td headers="r88 c2 c3 c8">21.45</td>
|
|
<td headers="r88 c2 c3 c9">11.46</td>
|
|
<td headers="r88 c2 c4 c10"> </td>
|
|
<td headers="r88 c2 c4 c11">1.55</td>
|
|
<td headers="r88 c2 c4 c12">2.32</td>
|
|
<td headers="r88 c2 c4 c13">3.29</td>
|
|
<td headers="r88 c2 c4 c14">1.87</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r89" headers="c1">2078</th>
|
|
<td headers="r89 c2 c3 c5"> </td>
|
|
<td headers="r89 c2 c3 c6">10.90</td>
|
|
<td headers="r89 c2 c3 c7">15.10</td>
|
|
<td headers="r89 c2 c3 c8">21.62</td>
|
|
<td headers="r89 c2 c3 c9">11.46</td>
|
|
<td headers="r89 c2 c4 c10"> </td>
|
|
<td headers="r89 c2 c4 c11">1.55</td>
|
|
<td headers="r89 c2 c4 c12">2.33</td>
|
|
<td headers="r89 c2 c4 c13">3.29</td>
|
|
<td headers="r89 c2 c4 c14">1.87</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r90" headers="c1">2079</th>
|
|
<td headers="r90 c2 c3 c5"> </td>
|
|
<td headers="r90 c2 c3 c6">10.90</td>
|
|
<td headers="r90 c2 c3 c7">15.14</td>
|
|
<td headers="r90 c2 c3 c8">21.78</td>
|
|
<td headers="r90 c2 c3 c9">11.46</td>
|
|
<td headers="r90 c2 c4 c10"> </td>
|
|
<td headers="r90 c2 c4 c11">1.56</td>
|
|
<td headers="r90 c2 c4 c12">2.33</td>
|
|
<td headers="r90 c2 c4 c13">3.29</td>
|
|
<td headers="r90 c2 c4 c14">1.87</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r91" headers="c1">2080</th>
|
|
<td headers="r91 c2 c3 c5"> </td>
|
|
<td headers="r91 c2 c3 c6">10.90</td>
|
|
<td headers="r91 c2 c3 c7">15.19</td>
|
|
<td headers="r91 c2 c3 c8">21.94</td>
|
|
<td headers="r91 c2 c3 c9">11.47</td>
|
|
<td headers="r91 c2 c4 c10"> </td>
|
|
<td headers="r91 c2 c4 c11">1.56</td>
|
|
<td headers="r91 c2 c4 c12">2.33</td>
|
|
<td headers="r91 c2 c4 c13">3.29</td>
|
|
<td headers="r91 c2 c4 c14">1.87</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r92" headers="c1">2081</th>
|
|
<td headers="r92 c2 c3 c5"> </td>
|
|
<td headers="r92 c2 c3 c6">10.90</td>
|
|
<td headers="r92 c2 c3 c7">15.24</td>
|
|
<td headers="r92 c2 c3 c8">22.10</td>
|
|
<td headers="r92 c2 c3 c9">11.47</td>
|
|
<td headers="r92 c2 c4 c10"> </td>
|
|
<td headers="r92 c2 c4 c11">1.56</td>
|
|
<td headers="r92 c2 c4 c12">2.33</td>
|
|
<td headers="r92 c2 c4 c13">3.29</td>
|
|
<td headers="r92 c2 c4 c14">1.87</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r93" headers="c1">2082</th>
|
|
<td headers="r93 c2 c3 c5"> </td>
|
|
<td headers="r93 c2 c3 c6">10.91</td>
|
|
<td headers="r93 c2 c3 c7">15.29</td>
|
|
<td headers="r93 c2 c3 c8">22.26</td>
|
|
<td headers="r93 c2 c3 c9">11.47</td>
|
|
<td headers="r93 c2 c4 c10"> </td>
|
|
<td headers="r93 c2 c4 c11">1.57</td>
|
|
<td headers="r93 c2 c4 c12">2.34</td>
|
|
<td headers="r93 c2 c4 c13">3.29</td>
|
|
<td headers="r93 c2 c4 c14">1.87</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r94" headers="c1">2083</th>
|
|
<td headers="r94 c2 c3 c5"> </td>
|
|
<td headers="r94 c2 c3 c6">10.92</td>
|
|
<td headers="r94 c2 c3 c7">15.35</td>
|
|
<td headers="r94 c2 c3 c8">22.41</td>
|
|
<td headers="r94 c2 c3 c9">11.48</td>
|
|
<td headers="r94 c2 c4 c10"> </td>
|
|
<td headers="r94 c2 c4 c11">1.57</td>
|
|
<td headers="r94 c2 c4 c12">2.34</td>
|
|
<td headers="r94 c2 c4 c13">3.29</td>
|
|
<td headers="r94 c2 c4 c14">1.87</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r95" headers="c1">2084</th>
|
|
<td headers="r95 c2 c3 c5"> </td>
|
|
<td headers="r95 c2 c3 c6">10.93</td>
|
|
<td headers="r95 c2 c3 c7">15.40</td>
|
|
<td headers="r95 c2 c3 c8">22.55</td>
|
|
<td headers="r95 c2 c3 c9">11.48</td>
|
|
<td headers="r95 c2 c4 c10"> </td>
|
|
<td headers="r95 c2 c4 c11">1.57</td>
|
|
<td headers="r95 c2 c4 c12">2.34</td>
|
|
<td headers="r95 c2 c4 c13">3.28</td>
|
|
<td headers="r95 c2 c4 c14">1.87</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" id="r96" headers="c1">2085</th>
|
|
<td headers="r96 c2 c3 c5"> </td>
|
|
<td headers="r96 c2 c3 c6">10.94</td>
|
|
<td headers="r96 c2 c3 c7">15.44</td>
|
|
<td headers="r96 c2 c3 c8">22.69</td>
|
|
<td headers="r96 c2 c3 c9">11.48</td>
|
|
<td headers="r96 c2 c4 c10"> </td>
|
|
<td headers="r96 c2 c4 c11">1.57</td>
|
|
<td headers="r96 c2 c4 c12">2.34</td>
|
|
<td headers="r96 c2 c4 c13">3.28</td>
|
|
<td headers="r96 c2 c4 c14">1.87</td>
|
|
</tr>
|
|
</tbody>
|
|
<tfoot>
|
|
<tr>
|
|
<td class="noNotes" colspan="11"> </td>
|
|
</tr>
|
|
</tfoot>
|
|
</table>
|
|
</div>
|
|
<div class="firstNote">SOURCE: <i>2009 Social Security Trustees Report,</i> Figure <abbr title="four">IV</abbr>.B1 and Table <abbr title="four">IV</abbr>.B1.</div>
|
|
<div class="lastNote">NOTES: Alternative <abbr title="one">I</abbr> = <span class="nobr">low-cost</span> assumptions; alternative <abbr title="two">II</abbr> = intermediate assumptions; alternative <abbr title="three">III</abbr> = <span class="nobr">high-cost</span> assumptions. </div>
|
|
</div>
|
|
</div>
|
|
<p>The trustees report also presents sensitivity analyses showing the effect of variation in individual parameters. These estimates provide a sense of the sensitivity of the long-range financial status of the program to any difference that may evolve in a given parameter from the trustees' intermediate projection.</p>
|
|
<p>Finally, the trustees report presents stochastic projections of the potential financial operations of the <abbr class="spell">OASDI</abbr> program in the future. For these projections, many economic, demographic, and disability-related parameters are allowed to vary randomly through time, creating 5,000 separate possible projection scenarios. The random variation reflects the degree of historical fluctuation in each parameter and is intended to simulate a large number of scenarios that could occur in the future. Results are presented in the report for the future cost and trust fund levels of the program, showing year-by-year the distribution of results from the 5,000 separate projections. The distribution derived from these stochastic projections for the <i>2009 Trustees Report</i> is shown in Chart 7. Stochastic results have the advantage of showing an estimated likelihood that actual results will fall within or outside any probability interval. (For example, the 95 percent probability interval falls between the lines in the chart representing the 97.5 percentile and 2.5 percentile outcomes.) It should be noted that lines on this chart do not represent specific individual simulations. Rather, for each line, the value in a year is for the simulation that is at the given percentile in <i>that specific year</i>. For any percentile line, the specific simulation from among the 5,000 scenarios will vary from one year to the next.</p>
|
|
<div class="chartCenter">
|
|
<div class="chart700">
|
|
<div class="title" id="chart7">Chart 7.<br>Stochastic projection of <abbr class="spell">OASDI</abbr> trust fund assets as a percentage of program cost, <span class="nobr">2009–2084</span></div>
|
|
<div class="scrollChart"><img src="v70n3p111_chart07.gif" alt="Line chart with tabular version below." width="700" height="345" /></div>
|
|
<div class="table altTable"><a class="altToggle" href="">Show as table</a>
|
|
<table>
|
|
<caption><span class="tableNumber">Table equivalent for Chart 7. </span>Stochastic projection of <abbr class="spell">OASDI</abbr> trust fund assets as a percentage of program cost, <span class="nobr">2009–2084</span></caption>
|
|
<colgroup span="1" style="width:5em"></colgroup>
|
|
<colgroup span="11" style="width:6em"></colgroup>
|
|
<thead>
|
|
<tr>
|
|
<th class="stubHeading" rowspan="2" scope="colgroup">Projection year</th>
|
|
<th class="spanner" colspan="11" scope="colgroup">Asset/cost ratio (%)</th>
|
|
</tr>
|
|
<tr>
|
|
<th scope="col">97.5 percent probability</th>
|
|
<th scope="col">90 percent probability</th>
|
|
<th scope="col">80 percent probability</th>
|
|
<th scope="col">70 percent probability</th>
|
|
<th scope="col">60 percent probability</th>
|
|
<th scope="col">50 percent probability</th>
|
|
<th scope="col">40 percent probability</th>
|
|
<th scope="col">30 percent probability</th>
|
|
<th scope="col">20 percent probability</th>
|
|
<th scope="col">10 percent probability</th>
|
|
<th scope="col">2.5 percent probability</th>
|
|
</tr>
|
|
</thead>
|
|
<tbody>
|
|
<tr>
|
|
<th class="stub0" scope="row">2009</th>
|
|
<td>355</td>
|
|
<td>355</td>
|
|
<td>355</td>
|
|
<td>355</td>
|
|
<td>355</td>
|
|
<td>354</td>
|
|
<td>354</td>
|
|
<td>354</td>
|
|
<td>354</td>
|
|
<td>354</td>
|
|
<td>353</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2010</th>
|
|
<td>364</td>
|
|
<td>363</td>
|
|
<td>362</td>
|
|
<td>361</td>
|
|
<td>361</td>
|
|
<td>360</td>
|
|
<td>360</td>
|
|
<td>359</td>
|
|
<td>358</td>
|
|
<td>357</td>
|
|
<td>356</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2011</th>
|
|
<td>374</td>
|
|
<td>370</td>
|
|
<td>368</td>
|
|
<td>366</td>
|
|
<td>365</td>
|
|
<td>363</td>
|
|
<td>362</td>
|
|
<td>361</td>
|
|
<td>359</td>
|
|
<td>356</td>
|
|
<td>352</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2012</th>
|
|
<td>381</td>
|
|
<td>375</td>
|
|
<td>370</td>
|
|
<td>367</td>
|
|
<td>364</td>
|
|
<td>362</td>
|
|
<td>359</td>
|
|
<td>357</td>
|
|
<td>353</td>
|
|
<td>348</td>
|
|
<td>340</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2013</th>
|
|
<td>389</td>
|
|
<td>379</td>
|
|
<td>373</td>
|
|
<td>367</td>
|
|
<td>363</td>
|
|
<td>360</td>
|
|
<td>355</td>
|
|
<td>351</td>
|
|
<td>346</td>
|
|
<td>339</td>
|
|
<td>328</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2014</th>
|
|
<td>396</td>
|
|
<td>382</td>
|
|
<td>373</td>
|
|
<td>366</td>
|
|
<td>360</td>
|
|
<td>355</td>
|
|
<td>349</td>
|
|
<td>344</td>
|
|
<td>337</td>
|
|
<td>327</td>
|
|
<td>312</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2015</th>
|
|
<td>400</td>
|
|
<td>384</td>
|
|
<td>372</td>
|
|
<td>363</td>
|
|
<td>356</td>
|
|
<td>349</td>
|
|
<td>342</td>
|
|
<td>335</td>
|
|
<td>326</td>
|
|
<td>315</td>
|
|
<td>297</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2016</th>
|
|
<td>404</td>
|
|
<td>384</td>
|
|
<td>370</td>
|
|
<td>360</td>
|
|
<td>351</td>
|
|
<td>342</td>
|
|
<td>334</td>
|
|
<td>326</td>
|
|
<td>316</td>
|
|
<td>303</td>
|
|
<td>282</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2017</th>
|
|
<td>405</td>
|
|
<td>381</td>
|
|
<td>365</td>
|
|
<td>353</td>
|
|
<td>344</td>
|
|
<td>334</td>
|
|
<td>325</td>
|
|
<td>316</td>
|
|
<td>305</td>
|
|
<td>290</td>
|
|
<td>267</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2018</th>
|
|
<td>403</td>
|
|
<td>376</td>
|
|
<td>359</td>
|
|
<td>346</td>
|
|
<td>335</td>
|
|
<td>325</td>
|
|
<td>315</td>
|
|
<td>304</td>
|
|
<td>293</td>
|
|
<td>276</td>
|
|
<td>253</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2019</th>
|
|
<td>398</td>
|
|
<td>369</td>
|
|
<td>350</td>
|
|
<td>336</td>
|
|
<td>324</td>
|
|
<td>314</td>
|
|
<td>303</td>
|
|
<td>292</td>
|
|
<td>280</td>
|
|
<td>262</td>
|
|
<td>238</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2020</th>
|
|
<td>391</td>
|
|
<td>360</td>
|
|
<td>340</td>
|
|
<td>325</td>
|
|
<td>312</td>
|
|
<td>302</td>
|
|
<td>291</td>
|
|
<td>278</td>
|
|
<td>265</td>
|
|
<td>247</td>
|
|
<td>222</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2021</th>
|
|
<td>383</td>
|
|
<td>350</td>
|
|
<td>329</td>
|
|
<td>313</td>
|
|
<td>300</td>
|
|
<td>288</td>
|
|
<td>277</td>
|
|
<td>264</td>
|
|
<td>250</td>
|
|
<td>231</td>
|
|
<td>203</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2022</th>
|
|
<td>375</td>
|
|
<td>339</td>
|
|
<td>317</td>
|
|
<td>301</td>
|
|
<td>287</td>
|
|
<td>274</td>
|
|
<td>263</td>
|
|
<td>250</td>
|
|
<td>234</td>
|
|
<td>214</td>
|
|
<td>186</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2023</th>
|
|
<td>366</td>
|
|
<td>328</td>
|
|
<td>305</td>
|
|
<td>287</td>
|
|
<td>272</td>
|
|
<td>260</td>
|
|
<td>247</td>
|
|
<td>234</td>
|
|
<td>217</td>
|
|
<td>196</td>
|
|
<td>167</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2024</th>
|
|
<td>357</td>
|
|
<td>315</td>
|
|
<td>291</td>
|
|
<td>273</td>
|
|
<td>258</td>
|
|
<td>244</td>
|
|
<td>230</td>
|
|
<td>218</td>
|
|
<td>200</td>
|
|
<td>178</td>
|
|
<td>147</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2025</th>
|
|
<td>345</td>
|
|
<td>302</td>
|
|
<td>277</td>
|
|
<td>258</td>
|
|
<td>242</td>
|
|
<td>228</td>
|
|
<td>213</td>
|
|
<td>200</td>
|
|
<td>182</td>
|
|
<td>159</td>
|
|
<td>127</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2026</th>
|
|
<td>332</td>
|
|
<td>289</td>
|
|
<td>261</td>
|
|
<td>242</td>
|
|
<td>225</td>
|
|
<td>211</td>
|
|
<td>196</td>
|
|
<td>181</td>
|
|
<td>163</td>
|
|
<td>139</td>
|
|
<td>104</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2027</th>
|
|
<td>319</td>
|
|
<td>274</td>
|
|
<td>245</td>
|
|
<td>226</td>
|
|
<td>208</td>
|
|
<td>193</td>
|
|
<td>178</td>
|
|
<td>162</td>
|
|
<td>143</td>
|
|
<td>118</td>
|
|
<td>81</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2028</th>
|
|
<td>307</td>
|
|
<td>258</td>
|
|
<td>229</td>
|
|
<td>208</td>
|
|
<td>190</td>
|
|
<td>175</td>
|
|
<td>158</td>
|
|
<td>142</td>
|
|
<td>123</td>
|
|
<td>96</td>
|
|
<td>55</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2029</th>
|
|
<td>292</td>
|
|
<td>242</td>
|
|
<td>212</td>
|
|
<td>190</td>
|
|
<td>171</td>
|
|
<td>155</td>
|
|
<td>139</td>
|
|
<td>121</td>
|
|
<td>101</td>
|
|
<td>74</td>
|
|
<td>31</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2030</th>
|
|
<td>276</td>
|
|
<td>225</td>
|
|
<td>194</td>
|
|
<td>172</td>
|
|
<td>153</td>
|
|
<td>135</td>
|
|
<td>119</td>
|
|
<td>100</td>
|
|
<td>79</td>
|
|
<td>51</td>
|
|
<td>4</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2031</th>
|
|
<td>262</td>
|
|
<td>208</td>
|
|
<td>175</td>
|
|
<td>153</td>
|
|
<td>133</td>
|
|
<td>115</td>
|
|
<td>98</td>
|
|
<td>78</td>
|
|
<td>56</td>
|
|
<td>27</td>
|
|
<td>-24</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2032</th>
|
|
<td>246</td>
|
|
<td>192</td>
|
|
<td>157</td>
|
|
<td>134</td>
|
|
<td>114</td>
|
|
<td>95</td>
|
|
<td>76</td>
|
|
<td>56</td>
|
|
<td>33</td>
|
|
<td>2</td>
|
|
<td>-53</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2033</th>
|
|
<td>231</td>
|
|
<td>175</td>
|
|
<td>139</td>
|
|
<td>114</td>
|
|
<td>93</td>
|
|
<td>73</td>
|
|
<td>54</td>
|
|
<td>33</td>
|
|
<td>9</td>
|
|
<td>-25</td>
|
|
<td>-84</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2034</th>
|
|
<td>217</td>
|
|
<td>157</td>
|
|
<td>120</td>
|
|
<td>94</td>
|
|
<td>72</td>
|
|
<td>52</td>
|
|
<td>31</td>
|
|
<td>10</td>
|
|
<td>-16</td>
|
|
<td>-51</td>
|
|
<td>-117</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2035</th>
|
|
<td>201</td>
|
|
<td>141</td>
|
|
<td>101</td>
|
|
<td>75</td>
|
|
<td>51</td>
|
|
<td>30</td>
|
|
<td>9</td>
|
|
<td>-14</td>
|
|
<td>-41</td>
|
|
<td>-80</td>
|
|
<td>-151</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2036</th>
|
|
<td>187</td>
|
|
<td>124</td>
|
|
<td>83</td>
|
|
<td>56</td>
|
|
<td>30</td>
|
|
<td>8</td>
|
|
<td>-14</td>
|
|
<td>-38</td>
|
|
<td>-67</td>
|
|
<td>-109</td>
|
|
<td>-186</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2037</th>
|
|
<td>173</td>
|
|
<td>107</td>
|
|
<td>64</td>
|
|
<td>35</td>
|
|
<td>9</td>
|
|
<td>-15</td>
|
|
<td>-37</td>
|
|
<td>-62</td>
|
|
<td>-94</td>
|
|
<td>-140</td>
|
|
<td>-222</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2038</th>
|
|
<td>159</td>
|
|
<td>90</td>
|
|
<td>45</td>
|
|
<td>15</td>
|
|
<td>-13</td>
|
|
<td>-38</td>
|
|
<td>-61</td>
|
|
<td>-87</td>
|
|
<td>-122</td>
|
|
<td>-171</td>
|
|
<td>-261</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2039</th>
|
|
<td>146</td>
|
|
<td>73</td>
|
|
<td>27</td>
|
|
<td>-5</td>
|
|
<td>-34</td>
|
|
<td>-61</td>
|
|
<td>-85</td>
|
|
<td>-114</td>
|
|
<td>-149</td>
|
|
<td>-202</td>
|
|
<td>-296</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2040</th>
|
|
<td>129</td>
|
|
<td>56</td>
|
|
<td>8</td>
|
|
<td>-25</td>
|
|
<td>-56</td>
|
|
<td>-84</td>
|
|
<td>-109</td>
|
|
<td>-140</td>
|
|
<td>-178</td>
|
|
<td>-233</td>
|
|
<td>-338</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2041</th>
|
|
<td>116</td>
|
|
<td>39</td>
|
|
<td>-10</td>
|
|
<td>-45</td>
|
|
<td>-78</td>
|
|
<td>-106</td>
|
|
<td>-134</td>
|
|
<td>-168</td>
|
|
<td>-206</td>
|
|
<td>-267</td>
|
|
<td>-375</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2042</th>
|
|
<td>102</td>
|
|
<td>24</td>
|
|
<td>-27</td>
|
|
<td>-66</td>
|
|
<td>-101</td>
|
|
<td>-130</td>
|
|
<td>-159</td>
|
|
<td>-195</td>
|
|
<td>-236</td>
|
|
<td>-299</td>
|
|
<td>-418</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2043</th>
|
|
<td>91</td>
|
|
<td>7</td>
|
|
<td>-45</td>
|
|
<td>-86</td>
|
|
<td>-122</td>
|
|
<td>-153</td>
|
|
<td>-185</td>
|
|
<td>-223</td>
|
|
<td>-268</td>
|
|
<td>-331</td>
|
|
<td>-458</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2044</th>
|
|
<td>78</td>
|
|
<td>-8</td>
|
|
<td>-63</td>
|
|
<td>-107</td>
|
|
<td>-144</td>
|
|
<td>-177</td>
|
|
<td>-211</td>
|
|
<td>-250</td>
|
|
<td>-297</td>
|
|
<td>-366</td>
|
|
<td>-498</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2045</th>
|
|
<td>67</td>
|
|
<td>-23</td>
|
|
<td>-81</td>
|
|
<td>-127</td>
|
|
<td>-166</td>
|
|
<td>-201</td>
|
|
<td>-237</td>
|
|
<td>-278</td>
|
|
<td>-330</td>
|
|
<td>-404</td>
|
|
<td>-539</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2046</th>
|
|
<td>58</td>
|
|
<td>-37</td>
|
|
<td>-100</td>
|
|
<td>-148</td>
|
|
<td>-188</td>
|
|
<td>-225</td>
|
|
<td>-263</td>
|
|
<td>-306</td>
|
|
<td>-362</td>
|
|
<td>-438</td>
|
|
<td>-585</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2047</th>
|
|
<td>49</td>
|
|
<td>-52</td>
|
|
<td>-119</td>
|
|
<td>-168</td>
|
|
<td>-210</td>
|
|
<td>-250</td>
|
|
<td>-289</td>
|
|
<td>-335</td>
|
|
<td>-392</td>
|
|
<td>-475</td>
|
|
<td>-635</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2048</th>
|
|
<td>40</td>
|
|
<td>-67</td>
|
|
<td>-138</td>
|
|
<td>-188</td>
|
|
<td>-232</td>
|
|
<td>-274</td>
|
|
<td>-316</td>
|
|
<td>-365</td>
|
|
<td>-422</td>
|
|
<td>-514</td>
|
|
<td>-680</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2049</th>
|
|
<td>35</td>
|
|
<td>-82</td>
|
|
<td>-155</td>
|
|
<td>-209</td>
|
|
<td>-254</td>
|
|
<td>-298</td>
|
|
<td>-345</td>
|
|
<td>-394</td>
|
|
<td>-457</td>
|
|
<td>-552</td>
|
|
<td>-727</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2050</th>
|
|
<td>24</td>
|
|
<td>-97</td>
|
|
<td>-172</td>
|
|
<td>-229</td>
|
|
<td>-276</td>
|
|
<td>-324</td>
|
|
<td>-373</td>
|
|
<td>-423</td>
|
|
<td>-491</td>
|
|
<td>-590</td>
|
|
<td>-768</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2051</th>
|
|
<td>16</td>
|
|
<td>-110</td>
|
|
<td>-190</td>
|
|
<td>-250</td>
|
|
<td>-299</td>
|
|
<td>-349</td>
|
|
<td>-399</td>
|
|
<td>-453</td>
|
|
<td>-525</td>
|
|
<td>-631</td>
|
|
<td>-820</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2052</th>
|
|
<td>9</td>
|
|
<td>-122</td>
|
|
<td>-208</td>
|
|
<td>-269</td>
|
|
<td>-323</td>
|
|
<td>-375</td>
|
|
<td>-425</td>
|
|
<td>-484</td>
|
|
<td>-559</td>
|
|
<td>-668</td>
|
|
<td>-866</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2053</th>
|
|
<td>-2</td>
|
|
<td>-136</td>
|
|
<td>-226</td>
|
|
<td>-291</td>
|
|
<td>-347</td>
|
|
<td>-401</td>
|
|
<td>-452</td>
|
|
<td>-513</td>
|
|
<td>-594</td>
|
|
<td>-707</td>
|
|
<td>-917</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2054</th>
|
|
<td>-8</td>
|
|
<td>-151</td>
|
|
<td>-244</td>
|
|
<td>-311</td>
|
|
<td>-369</td>
|
|
<td>-426</td>
|
|
<td>-482</td>
|
|
<td>-545</td>
|
|
<td>-626</td>
|
|
<td>-748</td>
|
|
<td>-963</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2055</th>
|
|
<td>-17</td>
|
|
<td>-166</td>
|
|
<td>-261</td>
|
|
<td>-332</td>
|
|
<td>-393</td>
|
|
<td>-450</td>
|
|
<td>-508</td>
|
|
<td>-577</td>
|
|
<td>-659</td>
|
|
<td>-788</td>
|
|
<td>-1,009</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2056</th>
|
|
<td>-25</td>
|
|
<td>-180</td>
|
|
<td>-278</td>
|
|
<td>-353</td>
|
|
<td>-416</td>
|
|
<td>-476</td>
|
|
<td>-537</td>
|
|
<td>-609</td>
|
|
<td>-695</td>
|
|
<td>-832</td>
|
|
<td>-1,057</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2057</th>
|
|
<td>-32</td>
|
|
<td>-193</td>
|
|
<td>-299</td>
|
|
<td>-375</td>
|
|
<td>-442</td>
|
|
<td>-499</td>
|
|
<td>-567</td>
|
|
<td>-641</td>
|
|
<td>-730</td>
|
|
<td>-876</td>
|
|
<td>-1,122</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2058</th>
|
|
<td>-40</td>
|
|
<td>-207</td>
|
|
<td>-318</td>
|
|
<td>-395</td>
|
|
<td>-465</td>
|
|
<td>-527</td>
|
|
<td>-597</td>
|
|
<td>-673</td>
|
|
<td>-768</td>
|
|
<td>-922</td>
|
|
<td>-1,175</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2059</th>
|
|
<td>-47</td>
|
|
<td>-222</td>
|
|
<td>-333</td>
|
|
<td>-416</td>
|
|
<td>-487</td>
|
|
<td>-555</td>
|
|
<td>-627</td>
|
|
<td>-708</td>
|
|
<td>-807</td>
|
|
<td>-968</td>
|
|
<td>-1,230</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2060</th>
|
|
<td>-55</td>
|
|
<td>-235</td>
|
|
<td>-351</td>
|
|
<td>-436</td>
|
|
<td>-512</td>
|
|
<td>-581</td>
|
|
<td>-659</td>
|
|
<td>-743</td>
|
|
<td>-846</td>
|
|
<td>-1,013</td>
|
|
<td>-1,290</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2061</th>
|
|
<td>-63</td>
|
|
<td>-249</td>
|
|
<td>-368</td>
|
|
<td>-460</td>
|
|
<td>-537</td>
|
|
<td>-608</td>
|
|
<td>-690</td>
|
|
<td>-780</td>
|
|
<td>-887</td>
|
|
<td>-1,055</td>
|
|
<td>-1,350</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2062</th>
|
|
<td>-71</td>
|
|
<td>-266</td>
|
|
<td>-387</td>
|
|
<td>-482</td>
|
|
<td>-562</td>
|
|
<td>-637</td>
|
|
<td>-722</td>
|
|
<td>-815</td>
|
|
<td>-927</td>
|
|
<td>-1,099</td>
|
|
<td>-1,407</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2063</th>
|
|
<td>-73</td>
|
|
<td>-278</td>
|
|
<td>-407</td>
|
|
<td>-505</td>
|
|
<td>-589</td>
|
|
<td>-666</td>
|
|
<td>-751</td>
|
|
<td>-851</td>
|
|
<td>-965</td>
|
|
<td>-1,153</td>
|
|
<td>-1,471</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2064</th>
|
|
<td>-84</td>
|
|
<td>-292</td>
|
|
<td>-425</td>
|
|
<td>-527</td>
|
|
<td>-614</td>
|
|
<td>-695</td>
|
|
<td>-784</td>
|
|
<td>-888</td>
|
|
<td>-1,006</td>
|
|
<td>-1,201</td>
|
|
<td>-1,524</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2065</th>
|
|
<td>-91</td>
|
|
<td>-309</td>
|
|
<td>-444</td>
|
|
<td>-551</td>
|
|
<td>-639</td>
|
|
<td>-725</td>
|
|
<td>-817</td>
|
|
<td>-923</td>
|
|
<td>-1,047</td>
|
|
<td>-1,249</td>
|
|
<td>-1,594</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2066</th>
|
|
<td>-100</td>
|
|
<td>-325</td>
|
|
<td>-464</td>
|
|
<td>-575</td>
|
|
<td>-664</td>
|
|
<td>-757</td>
|
|
<td>-852</td>
|
|
<td>-961</td>
|
|
<td>-1,098</td>
|
|
<td>-1,291</td>
|
|
<td>-1,655</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2067</th>
|
|
<td>-106</td>
|
|
<td>-340</td>
|
|
<td>-487</td>
|
|
<td>-597</td>
|
|
<td>-690</td>
|
|
<td>-790</td>
|
|
<td>-885</td>
|
|
<td>-998</td>
|
|
<td>-1,144</td>
|
|
<td>-1,333</td>
|
|
<td>-1,713</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2068</th>
|
|
<td>-117</td>
|
|
<td>-348</td>
|
|
<td>-505</td>
|
|
<td>-624</td>
|
|
<td>-720</td>
|
|
<td>-821</td>
|
|
<td>-918</td>
|
|
<td>-1,037</td>
|
|
|
|
<td>-1,179</td>
|
|
<td>-1,385</td>
|
|
<td>-1,781</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2069</th>
|
|
<td>-125</td>
|
|
<td>-367</td>
|
|
<td>-526</td>
|
|
<td>-645</td>
|
|
<td>-751</td>
|
|
<td>-852</td>
|
|
<td>-950</td>
|
|
<td>-1,076</td>
|
|
<td>-1,221</td>
|
|
<td>-1,437</td>
|
|
<td>-1,844</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2070</th>
|
|
<td>-135</td>
|
|
<td>-381</td>
|
|
<td>-546</td>
|
|
<td>-671</td>
|
|
<td>-782</td>
|
|
<td>-885</td>
|
|
<td>-990</td>
|
|
<td>-1,114</td>
|
|
<td>-1,265</td>
|
|
<td>-1,485</td>
|
|
<td>-1,906</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2071</th>
|
|
<td>-141</td>
|
|
<td>-394</td>
|
|
<td>-570</td>
|
|
<td>-701</td>
|
|
<td>-809</td>
|
|
<td>-914</td>
|
|
<td>-1,029</td>
|
|
<td>-1,158</td>
|
|
<td>-1,307</td>
|
|
<td>-1,544</td>
|
|
<td>-1,960</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2072</th>
|
|
<td>-151</td>
|
|
<td>-406</td>
|
|
<td>-588</td>
|
|
<td>-726</td>
|
|
<td>-838</td>
|
|
<td>-948</td>
|
|
<td>-1,068</td>
|
|
<td>-1,198</td>
|
|
<td>-1,353</td>
|
|
<td>-1,601</td>
|
|
<td>-2,018</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2073</th>
|
|
<td>-160</td>
|
|
<td>-421</td>
|
|
<td>-607</td>
|
|
<td>-754</td>
|
|
<td>-865</td>
|
|
<td>-983</td>
|
|
<td>-1,105</td>
|
|
<td>-1,238</td>
|
|
<td>-1,399</td>
|
|
<td>-1,651</td>
|
|
<td>-2,111</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2074</th>
|
|
<td>-167</td>
|
|
<td>-439</td>
|
|
<td>-627</td>
|
|
<td>-777</td>
|
|
<td>-896</td>
|
|
<td>-1,021</td>
|
|
<td>-1,144</td>
|
|
<td>-1,278</td>
|
|
<td>-1,446</td>
|
|
<td>-1,712</td>
|
|
<td>-2,208</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2075</th>
|
|
<td>-173</td>
|
|
<td>-453</td>
|
|
<td>-650</td>
|
|
<td>-802</td>
|
|
<td>-932</td>
|
|
<td>-1,056</td>
|
|
<td>-1,186</td>
|
|
<td>-1,321</td>
|
|
<td>-1,501</td>
|
|
<td>-1,776</td>
|
|
<td>-2,284</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2076</th>
|
|
<td>-183</td>
|
|
<td>-468</td>
|
|
<td>-675</td>
|
|
<td>-827</td>
|
|
<td>-961</td>
|
|
<td>-1,091</td>
|
|
<td>-1,225</td>
|
|
<td>-1,366</td>
|
|
<td>-1,548</td>
|
|
<td>-1,832</td>
|
|
<td>-2,372</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2077</th>
|
|
<td>-191</td>
|
|
<td>-486</td>
|
|
<td>-698</td>
|
|
<td>-858</td>
|
|
<td>-990</td>
|
|
<td>-1,130</td>
|
|
<td>-1,264</td>
|
|
<td>-1,415</td>
|
|
<td>-1,609</td>
|
|
<td>-1,903</td>
|
|
<td>-2,439</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2078</th>
|
|
<td>-203</td>
|
|
<td>-503</td>
|
|
<td>-721</td>
|
|
<td>-885</td>
|
|
<td>-1,022</td>
|
|
<td>-1,168</td>
|
|
<td>-1,304</td>
|
|
<td>-1,462</td>
|
|
<td>-1,660</td>
|
|
<td>-1,969</td>
|
|
<td>-2,514</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2079</th>
|
|
<td>-213</td>
|
|
<td>-523</td>
|
|
<td>-738</td>
|
|
<td>-911</td>
|
|
<td>-1,054</td>
|
|
<td>-1,204</td>
|
|
<td>-1,345</td>
|
|
<td>-1,509</td>
|
|
<td>-1,716</td>
|
|
<td>-2,027</td>
|
|
<td>-2,582</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2080</th>
|
|
<td>-227</td>
|
|
<td>-544</td>
|
|
<td>-767</td>
|
|
<td>-938</td>
|
|
<td>-1,088</td>
|
|
<td>-1,241</td>
|
|
<td>-1,383</td>
|
|
<td>-1,558</td>
|
|
<td>-1,766</td>
|
|
<td>-2,093</td>
|
|
<td>-2,678</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2081</th>
|
|
<td>-240</td>
|
|
<td>-568</td>
|
|
<td>-793</td>
|
|
<td>-966</td>
|
|
<td>-1,122</td>
|
|
<td>-1,278</td>
|
|
<td>-1,431</td>
|
|
<td>-1,606</td>
|
|
<td>-1,831</td>
|
|
<td>-2,169</td>
|
|
<td>-2,783</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2082</th>
|
|
<td>-257</td>
|
|
<td>-589</td>
|
|
<td>-817</td>
|
|
<td>-995</td>
|
|
<td>-1,158</td>
|
|
<td>-1,313</td>
|
|
<td>-1,473</td>
|
|
<td>-1,661</td>
|
|
<td>-1,895</td>
|
|
<td>-2,244</td>
|
|
<td>-2,875</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2083</th>
|
|
<td>-265</td>
|
|
<td>-609</td>
|
|
<td>-845</td>
|
|
<td>-1,028</td>
|
|
<td>-1,191</td>
|
|
<td>-1,350</td>
|
|
<td>-1,517</td>
|
|
<td>-1,711</td>
|
|
<td>-1,955</td>
|
|
<td>-2,314</td>
|
|
<td>-2,981</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2084</th>
|
|
<td>-284</td>
|
|
<td>-629</td>
|
|
<td>-872</td>
|
|
<td>-1,057</td>
|
|
<td>-1,225</td>
|
|
<td>-1,390</td>
|
|
<td>-1,562</td>
|
|
<td>-1,767</td>
|
|
<td>-2,010</td>
|
|
<td>-2,379</td>
|
|
<td>-3,090</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2085</th>
|
|
<td>-301</td>
|
|
<td>-645</td>
|
|
<td>-895</td>
|
|
<td>-1,088</td>
|
|
<td>-1,261</td>
|
|
<td>-1,427</td>
|
|
<td>-1,610</td>
|
|
<td>-1,818</td>
|
|
<td>-2,070</td>
|
|
<td>-2,453</td>
|
|
<td>-3,215</td>
|
|
</tr>
|
|
</tbody>
|
|
<tfoot>
|
|
<tr>
|
|
<td class="noNotes" colspan="12"> </td>
|
|
</tr>
|
|
</tfoot>
|
|
</table>
|
|
</div>
|
|
<div class="firstNote">SOURCE: <i>2009 Social Security Trustees Report,</i> Figures <abbr title="two">II</abbr>.D7 and <abbr title="six">VI</abbr>.E1.</div>
|
|
<div class="lastNote">NOTE: The values assigned to charted lines are probability percentiles; thus, the 95 percent probability interval, for example, falls between the lines labeled 2.5 percent and 97.5 percent.</div>
|
|
</div>
|
|
</div>
|
|
<p>The stochastic projections suggest a high degree of certainty that the combined <abbr class="spell">OASDI</abbr> trust fund will become exhausted well before 2083, the end of the <span class="nobr">75-year,</span> long-range period. It should be noted, however, that the stochastic projection methodology is still being developed and refined. We believe that further enhancements are likely to broaden the range of uncertainty shown for the trust fund exhaustion date across any probability interval.</p>
|
|
<h2>Actuarial Status and Budget Scoring</h2>
|
|
<p>The requirements in the law for the annual report of the Social Security Board of Trustees are specific on the nature of the analysis that is desired. Although the <abbr class="spell">OASDI</abbr> program is highly dependent on the trust fund assets for solvency, and these assets are held in Treasury securities, the assessment of the actuarial status of the program is separate from direct consideration of implications for the federal government budget.</p>
|
|
<p>The assets of the trust funds are required to be invested in interest-bearing securities guaranteed as to interest and principal by the full faith and credit of the <abbr>U.S.</abbr> government. As a result, all assets are currently invested in nonmarketable special-issue obligations of the Treasury. In scoring assets and liabilities for the federal government as a whole, the trust fund assets are generally assumed to be a wash: an asset for the trust funds, but an equal liability for the General Fund of the Treasury. This is a valid perspective, but it does not lessen the claim that the trust fund assets have for future cash when needed. Trust fund securities have always been redeemed on maturity or when needed, and there is no risk of default on these securities. Moreover, it is reasonable to assume that the financial markets understand that securities held by the trust funds may be redeemed in the future, requiring the Treasury to collect additional taxes, lower other federal spending, or borrow additionally from the public. In fact, the trust fund assets are combined with publicly held debt to compute the total debt subject to limit, which is subject to approval by the Congress. If the redemption of trust fund securities in the future results in issuance of additional publicly held debt, this would not alter the total federal debt (see Chart 8).</p>
|
|
<div class="chartCenter">
|
|
<div class="chart700">
|
|
<div class="title" id="chart8">Chart 8.<br><abbr class="spell">OASDI</abbr> net cash flows as a percentage of <abbr class="spell">GDP</abbr>, <span class="nobr">1957–2009</span>, projected under the intermediate assumptions, <span class="nobr">2010–2085</span></div>
|
|
<div class="scrollChart"><img src="v70n3p111_chart08.gif" alt="Line chart with tabular version below." width="700" height="342" /></div>
|
|
<div class="table altTable"><a class="altToggle" href="">Show as table</a>
|
|
<table>
|
|
<caption><span class="tableNumber">Table equivalent for Chart 8. </span><abbr class="spell">OASDI</abbr> net cash flows as a percentage of <abbr class="spell">GDP</abbr>, <span class="nobr">1957–2009</span>, projected under the intermediate assumptions, <span class="nobr">2010–2085</span></caption>
|
|
<colgroup span="1" style="width:5em"></colgroup>
|
|
<colgroup span="2" style="width:5em"></colgroup>
|
|
<thead>
|
|
<tr>
|
|
<th class="stubHeading" rowspan="2" scope="colgroup">Year</th>
|
|
<th class="spanner" colspan="2" scope="colgroup">Percentage of <abbr class="spell">GDP</abbr></th>
|
|
</tr>
|
|
<tr>
|
|
<th scope="col">Net cash flows</th>
|
|
<th scope="col">Shortfall</th>
|
|
</tr>
|
|
</thead>
|
|
<tbody>
|
|
<tr>
|
|
<th class="stub0" scope="row">1957</th>
|
|
<td>-0.009</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1958</th>
|
|
<td>-0.080</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1959</th>
|
|
<td>-0.365</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1960</th>
|
|
<td>0.015</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1961</th>
|
|
<td>-0.195</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1962</th>
|
|
<td>-0.350</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1963</th>
|
|
<td>-0.093</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1964</th>
|
|
<td>-0.027</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1965</th>
|
|
<td>0.095</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1966</th>
|
|
<td>0.224</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1967</th>
|
|
<td>0.366</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1968</th>
|
|
<td>0.158</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1969</th>
|
|
<td>0.418</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1970</th>
|
|
<td>0.202</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1971</th>
|
|
<td>0.030</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1972</th>
|
|
<td>0.011</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1973</th>
|
|
<td>-0.054</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1974</th>
|
|
<td>-0.079</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1975</th>
|
|
<td>-0.269</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1976</th>
|
|
<td>-0.325</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1977</th>
|
|
<td>-0.384</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1978</th>
|
|
<td>-0.278</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1979</th>
|
|
<td>-0.141</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1980</th>
|
|
<td>-0.221</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1981</th>
|
|
<td>-0.133</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1982</th>
|
|
<td>-0.035</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1983</th>
|
|
<td>-0.232</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1984</th>
|
|
<td>0.070</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1985</th>
|
|
<td>0.198</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1986</th>
|
|
<td>0.019</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1987</th>
|
|
<td>0.351</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1988</th>
|
|
<td>0.643</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1989</th>
|
|
<td>0.739</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1990</th>
|
|
<td>0.777</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1991</th>
|
|
<td>0.560</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1992</th>
|
|
<td>0.400</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1993</th>
|
|
<td>0.284</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1994</th>
|
|
<td>0.381</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1995</th>
|
|
<td>0.333</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1996</th>
|
|
<td>0.410</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1997</th>
|
|
<td>0.537</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1998</th>
|
|
<td>0.655</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1999</th>
|
|
<td>0.836</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2000</th>
|
|
<td>0.893</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2001</th>
|
|
<td>0.877</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2002</th>
|
|
<td>0.799</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2003</th>
|
|
<td>0.609</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2004</th>
|
|
<td>0.565</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2005</th>
|
|
<td>0.614</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2006</th>
|
|
<td>0.650</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2007</th>
|
|
<td>0.570</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2008</th>
|
|
<td>0.442</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2009</th>
|
|
<td>0.023</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2010</th>
|
|
<td>0.123</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2011</th>
|
|
<td>0.181</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2012</th>
|
|
<td>0.232</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2013</th>
|
|
<td>0.190</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2014</th>
|
|
<td>0.098</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2015</th>
|
|
<td>0.010</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2016</th>
|
|
<td>-0.094</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2017</th>
|
|
<td>-0.204</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2018</th>
|
|
<td>-0.321</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2019</th>
|
|
<td>-0.437</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2020</th>
|
|
<td>-0.551</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2021</th>
|
|
<td>-0.657</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2022</th>
|
|
<td>-0.757</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2023</th>
|
|
<td>-0.850</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2024</th>
|
|
<td>-0.934</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2025</th>
|
|
<td>-1.016</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2026</th>
|
|
<td>-1.089</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2027</th>
|
|
<td>-1.153</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2028</th>
|
|
<td>-1.212</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2029</th>
|
|
<td>-1.261</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2030</th>
|
|
<td>-1.304</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2031</th>
|
|
<td>-1.340</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2032</th>
|
|
<td>-1.365</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2033</th>
|
|
<td>-1.385</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2034</th>
|
|
<td>-1.394</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2035</th>
|
|
<td>-1.400</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2036</th>
|
|
<td>-1.398</td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2037</th>
|
|
<td>0.000</td>
|
|
<td>-1.394</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2038</th>
|
|
<td>0.000</td>
|
|
<td>-1.381</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2039</th>
|
|
<td>0.000</td>
|
|
<td>-1.363</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2040</th>
|
|
<td>0.000</td>
|
|
<td>-1.343</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2041</th>
|
|
<td>0.000</td>
|
|
<td>-1.321</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2042</th>
|
|
<td>0.000</td>
|
|
<td>-1.301</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2043</th>
|
|
<td>0.000</td>
|
|
<td>-1.280</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2044</th>
|
|
<td>0.000</td>
|
|
<td>-1.260</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2045</th>
|
|
<td>0.000</td>
|
|
<td>-1.245</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2046</th>
|
|
<td>0.000</td>
|
|
<td>-1.232</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2047</th>
|
|
<td>0.000</td>
|
|
<td>-1.219</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2048</th>
|
|
<td>0.000</td>
|
|
<td>-1.206</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2049</th>
|
|
<td>0.000</td>
|
|
<td>-1.194</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2050</th>
|
|
<td>0.000</td>
|
|
<td>-1.184</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2051</th>
|
|
<td>0.000</td>
|
|
<td>-1.177</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2052</th>
|
|
<td>0.000</td>
|
|
<td>-1.173</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2053</th>
|
|
<td>0.000</td>
|
|
<td>-1.171</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2054</th>
|
|
<td>0.000</td>
|
|
<td>-1.172</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2055</th>
|
|
<td>0.000</td>
|
|
<td>-1.174</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2056</th>
|
|
<td>0.000</td>
|
|
<td>-1.178</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2057</th>
|
|
<td>0.000</td>
|
|
<td>-1.183</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2058</th>
|
|
<td>0.000</td>
|
|
<td>-1.188</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2059</th>
|
|
<td>0.000</td>
|
|
<td>-1.193</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2060</th>
|
|
<td>0.000</td>
|
|
<td>-1.198</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2061</th>
|
|
<td>0.000</td>
|
|
<td>-1.203</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2062</th>
|
|
<td>0.000</td>
|
|
<td>-1.208</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2063</th>
|
|
<td>0.000</td>
|
|
<td>-1.214</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2064</th>
|
|
<td>0.000</td>
|
|
<td>-1.221</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2065</th>
|
|
<td>0.000</td>
|
|
<td>-1.228</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2066</th>
|
|
<td>0.000</td>
|
|
<td>-1.237</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2067</th>
|
|
<td>0.000</td>
|
|
<td>-1.246</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2068</th>
|
|
<td>0.000</td>
|
|
<td>-1.256</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2069</th>
|
|
<td>0.000</td>
|
|
<td>-1.266</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2070</th>
|
|
<td>0.000</td>
|
|
<td>-1.277</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2071</th>
|
|
<td>0.000</td>
|
|
<td>-1.289</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2072</th>
|
|
<td>0.000</td>
|
|
<td>-1.301</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2073</th>
|
|
<td>0.000</td>
|
|
<td>-1.313</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2074</th>
|
|
<td>0.000</td>
|
|
<td>-1.325</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2075</th>
|
|
<td>0.000</td>
|
|
<td>-1.337</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2076</th>
|
|
<td>0.000</td>
|
|
<td>-1.349</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2077</th>
|
|
<td>0.000</td>
|
|
<td>-1.362</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2078</th>
|
|
<td>0.000</td>
|
|
<td>-1.376</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2079</th>
|
|
<td>0.000</td>
|
|
<td>-1.390</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2080</th>
|
|
<td>0.000</td>
|
|
<td>-1.403</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2081</th>
|
|
<td>0.000</td>
|
|
<td>-1.418</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2082</th>
|
|
<td>0.000</td>
|
|
<td>-1.431</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2083</th>
|
|
<td>0.000</td>
|
|
<td>-1.445</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2084</th>
|
|
<td>0.000</td>
|
|
<td>-1.459</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2085</th>
|
|
<td>0.000</td>
|
|
<td>-1.472</td>
|
|
</tr>
|
|
</tbody>
|
|
<tfoot>
|
|
<tr>
|
|
<td class="onlyNote" colspan="3">In-chart notes: Between 2013 and 2036, the trust funds are redeemed to pay benefits and are replaced by publicly held debt. As of 2037, benefits will not be payable under current law.</td>
|
|
</tr>
|
|
</tfoot>
|
|
</table>
|
|
</div>
|
|
<div class="onlyNote">SOURCE: Social Security Administration, Office of the Chief Actuary.</div>
|
|
</div>
|
|
</div>
|
|
<p>An additional important distinction in trust fund versus budget scoring is the assumption about current law. In the trustees report, careful distinction is made between the cost of the program—reflecting scheduled benefits, and the actual expenditures—reflecting the benefits that would be payable subject to the limits imposed by the inability of the trust funds to borrow. If the trust funds ever become exhausted, expenditures thereafter would be limited to the amount of continuing tax income. It is projected in the <i>2009 Trustees Report</i> that only 76 percent of scheduled benefits would be payable and could be paid at the time the trust fund is exhausted in 2037. This limitation not only places an absolute braking force on the spending that is possible by the <abbr class="spell">OASDI</abbr> program, but also forces Congressional action before exhaustion of the funds.</p>
|
|
<p>Budget scoring convention, on the other hand, assumes that full scheduled benefits would continue to be paid on a timely basis even after the fund is exhausted and the continuing tax income is insufficient to finance full scheduled benefits under the law. When considering the potential effects of the <abbr class="spell">OASI</abbr>, <abbr class="spell">DI</abbr>, and <abbr class="spell">HI</abbr> programs on projected unified budget balances, it should be noted that these projections presume changes in the law that would, in effect, allow the trust funds to either borrow from the General Fund of the Treasury or to receive transfers from that fund sufficient to continue full payment of scheduled benefits.</p>
|
|
<h2>What is Causing the Financial Status to Show Shortfall?</h2>
|
|
<p>With the current 12.4 percent payroll tax rate, along with additional revenue from federal income taxation of benefits, the <abbr class="spell">OASDI</abbr> program has been taking in more tax revenue than it has spent providing benefits for more than two decades. However, this favorable cash flow will be changing in the future as the large baby boom generation, born from 1946 through 1965, moves into retirement. The oldest people in this generation have already reached early retirement age (62), and the transfer of this generation from working age to retirement age will continue for the next 20 years. The substantial increase in the cost of the <abbr class="spell">OASDI</abbr> program from 2010 to 2030, both as a percent of taxable payroll and <abbr class="spell">GDP</abbr>, is founded in an even more basic shift in our economy: the change in the ratio of beneficiaries to the number of workers.</p>
|
|
<p>Chart 9, showing the number of beneficiaries for each 100 <abbr class="spell">OASDI</abbr>-covered workers, is almost identical in shape and timing to <a href="#chart6">Chart 6</a>, which shows the projected annual cost rates of the program. This should not be surprising because benefits over time rise at roughly the same rate as the average wage in the workforce. What is notable is that the strong upward shift in both this ratio and in the cost rate is permanent; it does not come back down to a lower level after the large baby boom generation dies off. The permanence of this shift was not caused by the existence of the baby boom generation; instead, the permanent shift was caused by the substantial and apparently permanent drop in birth rates that followed the baby boom births.</p>
|
|
<div class="chartCenter">
|
|
<div class="chart700">
|
|
<div class="title" id="chart9">Chart 9.<br>Number of <abbr class="spell">OASDI</abbr> beneficiaries per 100 covered workers, <span class="nobr">1980–2008</span>, projected under alternative assumptions, <span class="nobr">2009–2085</span></div>
|
|
<div class="scrollChart"><img src="v70n3p111_chart09.gif" alt="Line chart with tabular version below." width="700" height="345" /></div>
|
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<div class="table altTable"><a class="altToggle" href="">Show as table</a>
|
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<table>
|
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<caption><span class="tableNumber">Table equivalent for Chart 9. </span>Number of <abbr class="spell">OASDI</abbr> beneficiaries per 100 covered workers, <span class="nobr">1980–2008</span>, projected under alternative assumptions, <span class="nobr">2009–2085</span></caption>
|
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<colgroup span="1" style="width:5em"></colgroup>
|
|
<colgroup span="4" style="width:6em"></colgroup>
|
|
<thead>
|
|
<tr>
|
|
<th class="stubHeading" rowspan="2" scope="colgroup">Year</th>
|
|
<th class="spanner" colspan="4" scope="colgroup">Number of <abbr class="spell">OASDI</abbr> beneficiaries per 100 covered workers</th>
|
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</tr>
|
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<tr>
|
|
<th scope="col">Historical</th>
|
|
<th scope="col">Alternative <abbr title="one">I</abbr></th>
|
|
<th scope="col">Alternative <abbr title="two">II</abbr></th>
|
|
<th scope="col">Alternative <abbr title="three">III</abbr></th>
|
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</tr>
|
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</thead>
|
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<tbody>
|
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<tr>
|
|
<th class="stub0" scope="row">1980</th>
|
|
<td>31.17</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1981</th>
|
|
<td>31.65</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1982</th>
|
|
<td>31.79</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1983</th>
|
|
<td>31.77</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1984</th>
|
|
<td>30.88</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1985</th>
|
|
<td>30.47</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1986</th>
|
|
<td>30.40</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1987</th>
|
|
<td>30.15</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1988</th>
|
|
<td>29.59</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1989</th>
|
|
<td>29.41</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1990</th>
|
|
<td>29.65</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1991</th>
|
|
<td>30.32</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1992</th>
|
|
<td>30.75</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1993</th>
|
|
<td>30.86</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1994</th>
|
|
<td>30.66</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1995</th>
|
|
<td>30.59</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1996</th>
|
|
<td>30.34</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1997</th>
|
|
<td>29.96</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1998</th>
|
|
<td>29.55</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1999</th>
|
|
<td>29.21</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2000</th>
|
|
<td>29.19</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2001</th>
|
|
<td>29.46</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2002</th>
|
|
<td>29.90</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2003</th>
|
|
<td>30.24</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2004</th>
|
|
<td>30.29</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2005</th>
|
|
<td>30.31</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2006</th>
|
|
<td>30.26</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2007</th>
|
|
<td>30.42</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2008</th>
|
|
<td> </td>
|
|
<td>31.05</td>
|
|
<td>31.05</td>
|
|
<td>31.05</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2009</th>
|
|
<td> </td>
|
|
<td>32.07</td>
|
|
<td>32.27</td>
|
|
<td>32.44</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2010</th>
|
|
<td> </td>
|
|
<td>32.72</td>
|
|
<td>33.15</td>
|
|
<td>33.51</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2011</th>
|
|
<td> </td>
|
|
<td>32.88</td>
|
|
<td>33.53</td>
|
|
<td>34.00</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2012</th>
|
|
<td> </td>
|
|
<td>32.98</td>
|
|
<td>33.84</td>
|
|
<td>34.69</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2013</th>
|
|
<td> </td>
|
|
<td>33.23</td>
|
|
<td>34.27</td>
|
|
<td>35.75</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2014</th>
|
|
<td> </td>
|
|
<td>33.67</td>
|
|
<td>34.81</td>
|
|
<td>36.44</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2015</th>
|
|
<td> </td>
|
|
<td>34.21</td>
|
|
<td>35.44</td>
|
|
<td>37.15</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2016</th>
|
|
<td> </td>
|
|
<td>34.80</td>
|
|
<td>36.17</td>
|
|
<td>37.88</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2017</th>
|
|
<td> </td>
|
|
<td>35.44</td>
|
|
<td>36.95</td>
|
|
<td>38.62</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2018</th>
|
|
<td> </td>
|
|
<td>36.13</td>
|
|
<td>37.76</td>
|
|
<td>39.50</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2019</th>
|
|
<td> </td>
|
|
<td>37.06</td>
|
|
<td>38.55</td>
|
|
<td>40.07</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2020</th>
|
|
<td> </td>
|
|
<td>37.75</td>
|
|
<td>39.41</td>
|
|
<td>41.10</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2021</th>
|
|
<td> </td>
|
|
<td>38.42</td>
|
|
<td>40.23</td>
|
|
<td>42.11</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2022</th>
|
|
<td> </td>
|
|
<td>39.04</td>
|
|
<td>41.02</td>
|
|
<td>43.08</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2023</th>
|
|
<td> </td>
|
|
<td>39.64</td>
|
|
<td>41.78</td>
|
|
<td>44.02</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2024</th>
|
|
<td> </td>
|
|
<td>40.22</td>
|
|
<td>42.52</td>
|
|
<td>44.93</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2025</th>
|
|
<td> </td>
|
|
<td>40.76</td>
|
|
<td>43.22</td>
|
|
<td>45.81</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2026</th>
|
|
<td> </td>
|
|
<td>41.28</td>
|
|
<td>43.89</td>
|
|
<td>46.65</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2027</th>
|
|
<td> </td>
|
|
<td>41.74</td>
|
|
<td>44.51</td>
|
|
<td>47.44</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2028</th>
|
|
<td> </td>
|
|
<td>42.16</td>
|
|
<td>45.09</td>
|
|
<td>48.19</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2029</th>
|
|
<td> </td>
|
|
<td>42.51</td>
|
|
<td>45.61</td>
|
|
<td>48.88</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2030</th>
|
|
<td> </td>
|
|
<td>42.82</td>
|
|
<td>46.08</td>
|
|
<td>49.53</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2031</th>
|
|
<td> </td>
|
|
<td>43.06</td>
|
|
<td>46.48</td>
|
|
<td>50.13</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2032</th>
|
|
<td> </td>
|
|
<td>43.26</td>
|
|
<td>46.84</td>
|
|
<td>50.69</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2033</th>
|
|
<td> </td>
|
|
<td>43.40</td>
|
|
<td>47.15</td>
|
|
<td>51.20</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2034</th>
|
|
<td> </td>
|
|
<td>43.47</td>
|
|
<td>47.39</td>
|
|
<td>51.65</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2035</th>
|
|
<td> </td>
|
|
<td>43.48</td>
|
|
<td>47.58</td>
|
|
<td>52.04</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2036</th>
|
|
<td> </td>
|
|
<td>43.44</td>
|
|
<td>47.71</td>
|
|
<td>52.39</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2037</th>
|
|
<td> </td>
|
|
<td>43.36</td>
|
|
<td>47.81</td>
|
|
<td>52.69</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2038</th>
|
|
<td> </td>
|
|
<td>43.22</td>
|
|
<td>47.84</td>
|
|
<td>52.95</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2039</th>
|
|
<td> </td>
|
|
<td>43.03</td>
|
|
<td>47.83</td>
|
|
<td>53.18</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2040</th>
|
|
<td> </td>
|
|
<td>42.82</td>
|
|
<td>47.80</td>
|
|
<td>53.37</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2041</th>
|
|
<td> </td>
|
|
<td>42.60</td>
|
|
<td>47.76</td>
|
|
<td>53.57</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2042</th>
|
|
<td> </td>
|
|
<td>42.38</td>
|
|
<td>47.72</td>
|
|
<td>53.75</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2043</th>
|
|
<td> </td>
|
|
<td>42.17</td>
|
|
<td>47.67</td>
|
|
<td>53.94</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2044</th>
|
|
<td> </td>
|
|
<td>41.96</td>
|
|
<td>47.64</td>
|
|
<td>54.14</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2045</th>
|
|
<td> </td>
|
|
<td>41.76</td>
|
|
<td>47.61</td>
|
|
<td>54.34</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2046</th>
|
|
<td> </td>
|
|
<td>41.57</td>
|
|
<td>47.59</td>
|
|
<td>54.56</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2047</th>
|
|
<td> </td>
|
|
<td>41.39</td>
|
|
<td>47.58</td>
|
|
<td>54.79</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2048</th>
|
|
<td> </td>
|
|
<td>41.21</td>
|
|
<td>47.57</td>
|
|
<td>55.02</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2049</th>
|
|
<td> </td>
|
|
<td>41.04</td>
|
|
<td>47.57</td>
|
|
<td>55.25</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2050</th>
|
|
<td> </td>
|
|
<td>40.88</td>
|
|
<td>47.59</td>
|
|
<td>55.50</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2051</th>
|
|
<td> </td>
|
|
<td>40.74</td>
|
|
<td>47.62</td>
|
|
<td>55.76</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2052</th>
|
|
<td> </td>
|
|
<td>40.62</td>
|
|
<td>47.67</td>
|
|
<td>56.04</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2053</th>
|
|
<td> </td>
|
|
<td>40.52</td>
|
|
<td>47.73</td>
|
|
<td>56.34</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2054</th>
|
|
<td> </td>
|
|
<td>40.43</td>
|
|
<td>47.81</td>
|
|
<td>56.65</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2055</th>
|
|
<td> </td>
|
|
<td>40.35</td>
|
|
<td>47.90</td>
|
|
<td>56.98</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2056</th>
|
|
<td> </td>
|
|
<td>40.28</td>
|
|
<td>47.99</td>
|
|
<td>57.32</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2057</th>
|
|
<td> </td>
|
|
<td>40.21</td>
|
|
<td>48.08</td>
|
|
<td>57.66</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2058</th>
|
|
<td> </td>
|
|
<td>40.13</td>
|
|
<td>48.17</td>
|
|
<td>57.99</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2059</th>
|
|
<td> </td>
|
|
<td>40.06</td>
|
|
<td>48.26</td>
|
|
<td>58.33</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2060</th>
|
|
<td> </td>
|
|
<td>39.98</td>
|
|
<td>48.34</td>
|
|
<td>58.66</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2061</th>
|
|
<td> </td>
|
|
<td>39.89</td>
|
|
<td>48.43</td>
|
|
<td>59.00</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2062</th>
|
|
<td> </td>
|
|
<td>39.81</td>
|
|
<td>48.52</td>
|
|
<td>59.35</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2063</th>
|
|
<td> </td>
|
|
<td>39.72</td>
|
|
<td>48.62</td>
|
|
<td>59.72</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2064</th>
|
|
<td> </td>
|
|
<td>39.63</td>
|
|
<td>48.72</td>
|
|
<td>60.09</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2065</th>
|
|
<td> </td>
|
|
<td>39.54</td>
|
|
<td>48.82</td>
|
|
<td>60.48</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2066</th>
|
|
<td> </td>
|
|
<td>39.46</td>
|
|
<td>48.94</td>
|
|
<td>60.89</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2067</th>
|
|
<td> </td>
|
|
<td>39.38</td>
|
|
<td>49.06</td>
|
|
<td>61.31</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2068</th>
|
|
<td> </td>
|
|
<td>39.30</td>
|
|
<td>49.18</td>
|
|
<td>61.75</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2069</th>
|
|
<td> </td>
|
|
<td>39.22</td>
|
|
<td>49.31</td>
|
|
<td>62.19</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2070</th>
|
|
<td> </td>
|
|
<td>39.14</td>
|
|
<td>49.44</td>
|
|
<td>62.65</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2071</th>
|
|
<td> </td>
|
|
<td>39.06</td>
|
|
<td>49.57</td>
|
|
<td>63.11</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2072</th>
|
|
<td> </td>
|
|
<td>38.99</td>
|
|
<td>49.70</td>
|
|
<td>63.56</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2073</th>
|
|
<td> </td>
|
|
<td>38.92</td>
|
|
<td>49.83</td>
|
|
<td>64.02</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2074</th>
|
|
<td> </td>
|
|
<td>38.86</td>
|
|
<td>49.97</td>
|
|
<td>64.48</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2075</th>
|
|
<td> </td>
|
|
<td>38.80</td>
|
|
<td>50.10</td>
|
|
<td>64.93</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2076</th>
|
|
<td> </td>
|
|
<td>38.76</td>
|
|
<td>50.24</td>
|
|
<td>65.39</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2077</th>
|
|
<td> </td>
|
|
<td>38.72</td>
|
|
<td>50.38</td>
|
|
<td>65.84</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2078</th>
|
|
<td> </td>
|
|
<td>38.70</td>
|
|
<td>50.52</td>
|
|
<td>66.27</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2079</th>
|
|
<td> </td>
|
|
<td>38.68</td>
|
|
<td>50.67</td>
|
|
<td>66.70</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2080</th>
|
|
<td> </td>
|
|
<td>38.68</td>
|
|
<td>50.81</td>
|
|
<td>67.11</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2081</th>
|
|
<td> </td>
|
|
<td>38.69</td>
|
|
<td>50.96</td>
|
|
<td>67.52</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2082</th>
|
|
<td> </td>
|
|
<td>38.70</td>
|
|
<td>51.11</td>
|
|
<td>67.92</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2083</th>
|
|
<td> </td>
|
|
<td>38.72</td>
|
|
<td>51.26</td>
|
|
<td>68.30</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2084</th>
|
|
<td> </td>
|
|
<td>38.76</td>
|
|
<td>51.41</td>
|
|
<td>68.67</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2085</th>
|
|
<td> </td>
|
|
<td>38.80</td>
|
|
<td>51.56</td>
|
|
<td>69.02</td>
|
|
</tr>
|
|
</tbody>
|
|
<tfoot>
|
|
<tr>
|
|
<td class="noNotes" colspan="5"> </td>
|
|
</tr>
|
|
</tfoot>
|
|
</table>
|
|
</div>
|
|
<div class="firstNote">SOURCE: <i>2009 Social Security Trustees Report,</i> Figure <abbr title="four">IV</abbr>.B2 and Table <abbr title="four">IV</abbr>.B2.</div>
|
|
<div class="lastNote">NOTES: Alternative <abbr title="one">I</abbr> = <span class="nobr">low-cost</span> assumptions; alternative <abbr title="two">II</abbr> = intermediate assumptions; alternative <abbr title="three">III</abbr> = <span class="nobr">high-cost</span> assumptions. </div>
|
|
</div>
|
|
</div>
|
|
<p>Birth rates that averaged over three children per woman during the baby boom period (<span class="nobr">1946–1965</span>) dropped to just two children per woman by 1970 and have remained at about that level since that time (see Chart 10). Considering even longer historical periods helps in understanding the significance of the drop in birth rates in the United States (Table 1). It may be surprising to see how high birth rates were back in 1875 (over four children per woman) and how much they dropped by 1925 (to three children per woman). Reductions in death rates during infancy and early childhood help explain much of the longer-term decline in birth rates. Before 1900, the probability that a newborn would survive to age 5 or 10 was far below 100 percent. Thus, in order to have a family with a desired number of children surviving to adulthood, more births were required in the past. Adjusting birth rates to include only those children who survive to age 10<sup><a href="#mn8" id="mt8">8</a></sup> results in fairly flat total fertility rates near three children per woman from 1875 through 1925. From 1926 through 1965, this adjusted total fertility rate was still about 2.7 births per woman, on average, including both the temporary low-birth period of the Great Depression and World War <abbr title="two">II</abbr>, and the temporary high-birth period after World War <abbr title="two">II</abbr>. After 1965, however, the total fertility rate shifted to a new level around two children per woman. It is this apparently permanent shift to lower birth rates in the United States that is the principal cause of our changing age distribution between 2010 and 2030 and the resulting shift in the ratio of beneficiaries to workers.</p>
|
|
<div class="chartCenter">
|
|
<div class="chart700">
|
|
<div class="title" id="chart10">Chart 10.<br>Total <abbr>U.S.</abbr> fertility rates with and without adjustment for survival to age 10, <span class="nobr">1875–2005</span></div>
|
|
<div class="scrollChart"><img src="v70n3p111_chart10.gif" alt="Click on chart to read data in table format." width="700" height="363" /></div>
|
|
<div class="table altTable"><a class="altToggle" href="">Show as table</a>
|
|
<table>
|
|
<caption><span class="tableNumber">Table equivalent for Chart 10. </span>Total <abbr>U.S.</abbr> fertility rates with and without adjustment for survival to age 10, <span class="nobr">1875–2005</span></caption>
|
|
<colgroup span="1" style="width:5em"></colgroup>
|
|
<colgroup span="2" style="width:6em"></colgroup>
|
|
<thead>
|
|
<tr>
|
|
<th class="stubHeading" rowspan="2" scope="colgroup">Year</th>
|
|
<th class="spanner" colspan="2" scope="colgroup">Children per woman of childbearing age</th>
|
|
</tr>
|
|
<tr>
|
|
<th scope="col">Total fertility rate</th>
|
|
<th scope="col">Adjusted total fertility rate</th>
|
|
</tr>
|
|
</thead>
|
|
<tbody>
|
|
<tr>
|
|
<th class="stub0" scope="row">1875</th>
|
|
<td>4.55</td>
|
|
<td>3.09</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1876</th>
|
|
<td>4.45</td>
|
|
<td>3.04</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1877</th>
|
|
<td>4.37</td>
|
|
<td>3.00</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1878</th>
|
|
<td>4.27</td>
|
|
<td>2.95</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1879</th>
|
|
<td>4.23</td>
|
|
<td>2.94</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1880</th>
|
|
<td>4.24</td>
|
|
<td>2.96</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1881</th>
|
|
<td>4.28</td>
|
|
<td>3.01</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1882</th>
|
|
<td>4.25</td>
|
|
<td>3.00</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1883</th>
|
|
<td>4.29</td>
|
|
<td>3.05</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1884</th>
|
|
<td>4.29</td>
|
|
<td>3.06</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1885</th>
|
|
<td>4.23</td>
|
|
<td>3.04</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1886</th>
|
|
<td>4.11</td>
|
|
<td>2.97</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1887</th>
|
|
<td>4.06</td>
|
|
<td>2.95</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1888</th>
|
|
<td>4.06</td>
|
|
<td>2.97</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1889</th>
|
|
<td>3.99</td>
|
|
<td>2.93</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1890</th>
|
|
<td>3.87</td>
|
|
<td>2.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1891</th>
|
|
<td>3.93</td>
|
|
<td>2.92</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1892</th>
|
|
<td>4.01</td>
|
|
<td>3.00</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1893</th>
|
|
<td>3.98</td>
|
|
<td>2.99</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1894</th>
|
|
<td>3.89</td>
|
|
<td>2.94</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1895</th>
|
|
<td>3.83</td>
|
|
<td>2.91</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1896</th>
|
|
<td>3.77</td>
|
|
<td>2.88</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1897</th>
|
|
<td>3.64</td>
|
|
<td>2.80</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1898</th>
|
|
<td>3.60</td>
|
|
<td>2.78</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1899</th>
|
|
<td>3.57</td>
|
|
<td>2.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1900</th>
|
|
<td>3.56</td>
|
|
<td>2.78</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1901</th>
|
|
<td>3.38</td>
|
|
<td>2.66</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1902</th>
|
|
<td>3.38</td>
|
|
<td>2.67</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1903</th>
|
|
<td>3.41</td>
|
|
<td>2.71</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1904</th>
|
|
<td>3.44</td>
|
|
<td>2.75</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1905</th>
|
|
<td>3.50</td>
|
|
<td>2.81</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1906</th>
|
|
<td>3.53</td>
|
|
<td>2.85</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1907</th>
|
|
<td>3.52</td>
|
|
<td>2.86</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1908</th>
|
|
<td>3.51</td>
|
|
<td>2.87</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1909</th>
|
|
<td>3.46</td>
|
|
<td>2.84</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1910</th>
|
|
<td>3.42</td>
|
|
<td>2.83</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1911</th>
|
|
<td>3.34</td>
|
|
<td>2.78</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1912</th>
|
|
<td>3.35</td>
|
|
<td>2.80</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1913</th>
|
|
<td>3.35</td>
|
|
<td>2.82</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1914</th>
|
|
<td>3.30</td>
|
|
<td>2.79</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1915</th>
|
|
<td>3.25</td>
|
|
<td>2.76</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1916</th>
|
|
<td>3.23</td>
|
|
<td>2.76</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1917</th>
|
|
<td>3.28</td>
|
|
<td>2.82</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1918</th>
|
|
<td>3.24</td>
|
|
<td>2.80</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1919</th>
|
|
<td>3.00</td>
|
|
<td>2.61</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1920</th>
|
|
<td>3.17</td>
|
|
<td>2.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1921</th>
|
|
<td>3.24</td>
|
|
<td>2.84</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1922</th>
|
|
<td>2.97</td>
|
|
<td>2.62</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1923</th>
|
|
<td>2.96</td>
|
|
<td>2.62</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1924</th>
|
|
<td>2.98</td>
|
|
<td>2.65</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1925</th>
|
|
<td>2.84</td>
|
|
<td>2.54</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1926</th>
|
|
<td>2.73</td>
|
|
<td>2.45</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1927</th>
|
|
<td>2.72</td>
|
|
<td>2.45</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1928</th>
|
|
<td>2.60</td>
|
|
<td>2.35</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1929</th>
|
|
<td>2.46</td>
|
|
<td>2.23</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1930</th>
|
|
<td>2.45</td>
|
|
<td>2.23</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1931</th>
|
|
<td>2.31</td>
|
|
<td>2.11</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1932</th>
|
|
<td>2.22</td>
|
|
<td>2.03</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1933</th>
|
|
<td>2.11</td>
|
|
<td>1.94</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1934</th>
|
|
<td>2.19</td>
|
|
<td>2.02</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1935</th>
|
|
<td>2.14</td>
|
|
<td>1.98</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1936</th>
|
|
<td>2.10</td>
|
|
<td>1.95</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1937</th>
|
|
<td>2.12</td>
|
|
<td>1.97</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1938</th>
|
|
<td>2.18</td>
|
|
<td>2.03</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1939</th>
|
|
<td>2.13</td>
|
|
<td>1.99</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1940</th>
|
|
<td>2.23</td>
|
|
<td>2.09</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1941</th>
|
|
<td>2.33</td>
|
|
<td>2.19</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1942</th>
|
|
<td>2.55</td>
|
|
<td>2.40</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1943</th>
|
|
<td>2.64</td>
|
|
<td>2.49</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1944</th>
|
|
<td>2.49</td>
|
|
<td>2.36</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1945</th>
|
|
<td>2.42</td>
|
|
<td>2.30</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1946</th>
|
|
<td>2.86</td>
|
|
<td>2.72</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1947</th>
|
|
<td>3.18</td>
|
|
<td>3.04</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1948</th>
|
|
<td>3.03</td>
|
|
<td>2.90</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1949</th>
|
|
<td>3.04</td>
|
|
<td>2.92</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1950</th>
|
|
<td>3.03</td>
|
|
<td>2.92</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1951</th>
|
|
<td>3.20</td>
|
|
<td>3.08</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1952</th>
|
|
<td>3.29</td>
|
|
<td>3.17</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1953</th>
|
|
<td>3.35</td>
|
|
<td>3.23</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1954</th>
|
|
<td>3.46</td>
|
|
<td>3.34</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1955</th>
|
|
<td>3.50</td>
|
|
<td>3.38</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1956</th>
|
|
<td>3.60</td>
|
|
<td>3.48</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1957</th>
|
|
<td>3.68</td>
|
|
<td>3.55</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1958</th>
|
|
<td>3.63</td>
|
|
<td>3.51</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1959</th>
|
|
<td>3.64</td>
|
|
<td>3.52</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1960</th>
|
|
<td>3.61</td>
|
|
<td>3.49</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1961</th>
|
|
<td>3.56</td>
|
|
<td>3.45</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1962</th>
|
|
<td>3.42</td>
|
|
<td>3.31</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1963</th>
|
|
<td>3.30</td>
|
|
<td>3.20</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1964</th>
|
|
<td>3.17</td>
|
|
<td>3.08</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1965</th>
|
|
<td>2.88</td>
|
|
<td>2.80</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1966</th>
|
|
<td>2.67</td>
|
|
<td>2.59</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1967</th>
|
|
<td>2.53</td>
|
|
<td>2.46</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1968</th>
|
|
<td>2.43</td>
|
|
<td>2.36</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1969</th>
|
|
<td>2.42</td>
|
|
<td>2.36</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1970</th>
|
|
<td>2.43</td>
|
|
<td>2.37</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1971</th>
|
|
<td>2.25</td>
|
|
<td>2.19</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1972</th>
|
|
<td>1.99</td>
|
|
<td>1.94</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1973</th>
|
|
<td>1.86</td>
|
|
<td>1.82</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1974</th>
|
|
<td>1.82</td>
|
|
<td>1.78</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1975</th>
|
|
<td>1.77</td>
|
|
<td>1.73</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1976</th>
|
|
<td>1.74</td>
|
|
<td>1.70</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1977</th>
|
|
<td>1.80</td>
|
|
<td>1.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1978</th>
|
|
<td>1.76</td>
|
|
<td>1.73</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1979</th>
|
|
<td>1.82</td>
|
|
<td>1.79</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1980</th>
|
|
<td>1.82</td>
|
|
<td>1.79</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1981</th>
|
|
<td>1.80</td>
|
|
<td>1.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1982</th>
|
|
<td>1.81</td>
|
|
<td>1.78</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1983</th>
|
|
<td>1.78</td>
|
|
<td>1.75</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1984</th>
|
|
<td>1.79</td>
|
|
<td>1.76</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1985</th>
|
|
<td>1.84</td>
|
|
<td>1.81</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1986</th>
|
|
<td>1.83</td>
|
|
<td>1.80</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1987</th>
|
|
<td>1.86</td>
|
|
<td>1.83</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1988</th>
|
|
<td>1.92</td>
|
|
<td>1.89</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1989</th>
|
|
<td>2.00</td>
|
|
<td>1.97</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1990</th>
|
|
<td>2.07</td>
|
|
<td>2.04</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1991</th>
|
|
<td>2.06</td>
|
|
<td>2.04</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1992</th>
|
|
<td>2.04</td>
|
|
<td>2.02</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1993</th>
|
|
<td>2.02</td>
|
|
<td>2.00</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1994</th>
|
|
<td>2.00</td>
|
|
<td>1.98</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1995</th>
|
|
<td>1.98</td>
|
|
<td>1.96</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1996</th>
|
|
<td>1.98</td>
|
|
<td>1.96</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1997</th>
|
|
<td>1.97</td>
|
|
<td>1.95</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1998</th>
|
|
<td>2.00</td>
|
|
<td>1.98</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1999</th>
|
|
<td>2.01</td>
|
|
<td>1.99</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2000</th>
|
|
<td>2.06</td>
|
|
<td>2.04</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2001</th>
|
|
<td>2.03</td>
|
|
<td>2.01</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2002</th>
|
|
<td>2.01</td>
|
|
<td>1.99</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2003</th>
|
|
<td>2.02</td>
|
|
<td>2.00</td>
|
|
</tr>
|
|
</tbody>
|
|
<tfoot>
|
|
<tr>
|
|
<td class="noNotes" colspan="3"> </td>
|
|
</tr>
|
|
</tfoot>
|
|
</table>
|
|
</div>
|
|
<div class="firstNote">SOURCE: Social Security Administration, Office of the Chief Actuary.</div>
|
|
<div class="lastNote">NOTE: <abbr class="spell">TFR</abbr> = total fertility rate.</div>
|
|
</div>
|
|
</div>
|
|
<div class="table" id="table1">
|
|
<table>
|
|
<caption><span class="tableNumber">Table 1. </span>Annual average total <abbr>U.S.</abbr> fertility rates with and without adjustment for survival to age 10, various periods, <span class="nobr">1875–2003</span></caption>
|
|
<colgroup span="1" style="width:8em"></colgroup>
|
|
<colgroup span="2" style="width:8em"></colgroup>
|
|
<thead>
|
|
<tr>
|
|
<th class="stubHeading" scope="col">Period</th>
|
|
<th scope="col">Average <abbr class="spell">TFR</abbr></th>
|
|
<th scope="col">Adjusted <abbr class="spell">TFR</abbr></th>
|
|
</tr>
|
|
</thead>
|
|
<tbody>
|
|
<tr>
|
|
<th class="stub0" scope="row"><span class="nobr">1875–1925</span></th>
|
|
<td>3.67</td>
|
|
<td>2.85</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row"><span class="nobr">1926–1965</span></th>
|
|
<td>2.84</td>
|
|
<td>2.69</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row"><span class="nobr">1966–1990</span></th>
|
|
<td>1.99</td>
|
|
<td>1.95</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row"><span class="nobr">1991–2003</span></th>
|
|
<td>2.01</td>
|
|
<td>1.99</td>
|
|
</tr>
|
|
</tbody>
|
|
<tfoot>
|
|
<tr>
|
|
<td class="firstNote" colspan="3">SOURCE: Social Security Administration, Office of the Chief Actuary.</td>
|
|
</tr>
|
|
<tr>
|
|
<td class="lastNote" colspan="3">NOTE: <abbr class="spell">TFR</abbr> = total fertility rate.</td>
|
|
</tr>
|
|
</tfoot>
|
|
</table>
|
|
</div>
|
|
<p>Chart 11 demonstrates even more vividly the impact of the changes in birth rates on the age distribution of the population. The aged dependency ratio (ratio of population aged 65 or older to the population at working ages, <span class="nobr">20–64</span>) has been almost flat since 1975 and was held down between 1994 and 2010 as the relatively low-birth-rate generations born during the Great Depression and World War <abbr title="two">II</abbr> (<span class="nobr">1929–1945</span>) reached age 65. However, this ratio will rise substantially between 2010 and 2030, reflecting both the attainment of age 65 by the baby boom generation (born 1946 to 1965) and entry into the working ages of low-birth-rate generations (born after 1965) that followed the baby boom. The dashed line in the chart illustrates what the projected dependency ratios would be if we assumed no further improvement in life expectancy after 2008.<sup><a href="#mn9" id="mt9">9</a></sup> The chart demonstrates that through 2030, the upward shift in the ratio is almost entirely because of the changing birth rate. The illustration for the total dependency ratio (ratio of the population aged 65 or older or younger than age 20 to the population at working ages, <span class="nobr">20–64</span>) tells essentially the same story.</p>
|
|
<div class="chartCenter">
|
|
<div class="chart700">
|
|
<div class="title" id="chart11">Chart 11.<br>Total and aged dependency ratios, <span class="nobr">1975–2008</span>, projected under alternative life expectancy assumptions, <span class="nobr">2009–2085</span></div>
|
|
<div class="scrollChart"><img src="v70n3p111_chart11.gif" alt="Click on chart to read data in table format." width="700" height="342" /></div>
|
|
<div class="table altTable"><a class="altToggle" href="">Show as table</a>
|
|
<table>
|
|
<caption><span class="tableNumber">Table equivalent for Chart 11. </span>Total and aged dependency ratios, <span class="nobr">1975–2008</span>, projected under alternative life expectancy assumptions, <span class="nobr">2009–2085</span></caption>
|
|
<colgroup span="1" style="width:5em"></colgroup>
|
|
<colgroup span="3" style="width:7em"></colgroup>
|
|
<colgroup span="3" style="width:7em"></colgroup>
|
|
<thead>
|
|
<tr>
|
|
<th class="stubHeading" rowspan="2" scope="colgroup">Year</th>
|
|
<th class="spanner" colspan="3" scope="colgroup">Aged dependency ratio</th>
|
|
<th class="spanner" colspan="3" scope="colgroup">Total dependency ratio</th>
|
|
</tr>
|
|
<tr>
|
|
<th scope="col">Historical</th>
|
|
<th scope="col">Intermediate projection</th>
|
|
<th scope="col">Projection with no increase in life expectancy after 2008</th>
|
|
<th scope="col">Historical</th>
|
|
<th scope="col">Intermediate projection</th>
|
|
<th scope="col">Projection with no increase in life expectancy after 2008</th>
|
|
</tr>
|
|
</thead>
|
|
<tbody>
|
|
<tr>
|
|
<th class="stub0" scope="row">1975</th>
|
|
<td>0.19</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td>0.83</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1976</th>
|
|
<td>0.19</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td>0.82</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1977</th>
|
|
<td>0.19</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td>0.80</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1978</th>
|
|
<td>0.19</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td>0.78</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1979</th>
|
|
<td>0.19</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td>0.77</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1980</th>
|
|
<td>0.20</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td>0.75</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1981</th>
|
|
<td>0.20</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td>0.74</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1982</th>
|
|
<td>0.20</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td>0.73</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1983</th>
|
|
<td>0.20</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td>0.72</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1984</th>
|
|
<td>0.20</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td>0.71</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1985</th>
|
|
<td>0.20</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td>0.71</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1986</th>
|
|
<td>0.20</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td>0.71</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1987</th>
|
|
<td>0.21</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td>0.70</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1988</th>
|
|
<td>0.21</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td>0.70</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1989</th>
|
|
<td>0.21</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td>0.70</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1990</th>
|
|
<td>0.21</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td>0.70</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1991</th>
|
|
<td>0.21</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td>0.70</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1992</th>
|
|
<td>0.21</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td>0.70</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1993</th>
|
|
<td>0.21</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td>0.70</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1994</th>
|
|
<td>0.21</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td>0.71</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1995</th>
|
|
<td>0.21</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td>0.71</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1996</th>
|
|
<td>0.21</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td>0.71</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1997</th>
|
|
<td>0.21</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td>0.71</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1998</th>
|
|
<td>0.21</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td>0.70</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">1999</th>
|
|
<td>0.21</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td>0.70</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2000</th>
|
|
<td>0.21</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td>0.70</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2001</th>
|
|
<td>0.21</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td>0.69</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2002</th>
|
|
<td>0.21</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td>0.69</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2003</th>
|
|
<td>0.21</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td>0.68</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2004</th>
|
|
<td>0.21</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td>0.68</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2005</th>
|
|
<td>0.21</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td>0.68</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2006</th>
|
|
<td>0.21</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td>0.67</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2007</th>
|
|
<td>0.21</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td>0.67</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2008</th>
|
|
<td>0.21</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
<td>0.67</td>
|
|
<td> </td>
|
|
<td> </td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2009</th>
|
|
<td> </td>
|
|
<td>0.21</td>
|
|
<td>0.21</td>
|
|
<td> </td>
|
|
<td>0.67</td>
|
|
<td>0.67</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2010</th>
|
|
<td> </td>
|
|
<td>0.21</td>
|
|
<td>0.21</td>
|
|
<td> </td>
|
|
<td>0.67</td>
|
|
<td>0.67</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2011</th>
|
|
<td> </td>
|
|
<td>0.21</td>
|
|
<td>0.21</td>
|
|
<td> </td>
|
|
<td>0.67</td>
|
|
<td>0.67</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2012</th>
|
|
<td> </td>
|
|
<td>0.22</td>
|
|
<td>0.22</td>
|
|
<td> </td>
|
|
<td>0.67</td>
|
|
<td>0.67</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2013</th>
|
|
<td> </td>
|
|
<td>0.22</td>
|
|
<td>0.22</td>
|
|
<td> </td>
|
|
<td>0.67</td>
|
|
<td>0.67</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2014</th>
|
|
<td> </td>
|
|
<td>0.23</td>
|
|
<td>0.23</td>
|
|
<td> </td>
|
|
<td>0.68</td>
|
|
<td>0.68</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2015</th>
|
|
<td> </td>
|
|
<td>0.23</td>
|
|
<td>0.23</td>
|
|
<td> </td>
|
|
<td>0.68</td>
|
|
<td>0.68</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2016</th>
|
|
<td> </td>
|
|
<td>0.24</td>
|
|
<td>0.24</td>
|
|
<td> </td>
|
|
<td>0.69</td>
|
|
<td>0.69</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2017</th>
|
|
<td> </td>
|
|
<td>0.25</td>
|
|
<td>0.24</td>
|
|
<td> </td>
|
|
<td>0.69</td>
|
|
<td>0.69</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2018</th>
|
|
<td> </td>
|
|
<td>0.25</td>
|
|
<td>0.25</td>
|
|
<td> </td>
|
|
<td>0.70</td>
|
|
<td>0.70</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2019</th>
|
|
<td> </td>
|
|
<td>0.26</td>
|
|
<td>0.26</td>
|
|
<td> </td>
|
|
<td>0.71</td>
|
|
<td>0.71</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2020</th>
|
|
<td> </td>
|
|
<td>0.27</td>
|
|
<td>0.26</td>
|
|
<td> </td>
|
|
<td>0.72</td>
|
|
<td>0.72</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2021</th>
|
|
<td> </td>
|
|
<td>0.28</td>
|
|
<td>0.27</td>
|
|
<td> </td>
|
|
<td>0.73</td>
|
|
<td>0.72</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2022</th>
|
|
<td> </td>
|
|
<td>0.28</td>
|
|
<td>0.28</td>
|
|
<td> </td>
|
|
<td>0.74</td>
|
|
<td>0.73</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2023</th>
|
|
<td> </td>
|
|
<td>0.29</td>
|
|
<td>0.29</td>
|
|
<td> </td>
|
|
<td>0.75</td>
|
|
<td>0.74</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2024</th>
|
|
<td> </td>
|
|
<td>0.30</td>
|
|
<td>0.29</td>
|
|
<td> </td>
|
|
<td>0.76</td>
|
|
<td>0.75</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2025</th>
|
|
<td> </td>
|
|
<td>0.31</td>
|
|
<td>0.30</td>
|
|
<td> </td>
|
|
<td>0.77</td>
|
|
<td>0.76</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2026</th>
|
|
<td> </td>
|
|
<td>0.32</td>
|
|
<td>0.31</td>
|
|
<td> </td>
|
|
<td>0.78</td>
|
|
<td>0.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2027</th>
|
|
<td> </td>
|
|
<td>0.32</td>
|
|
<td>0.31</td>
|
|
<td> </td>
|
|
<td>0.79</td>
|
|
<td>0.78</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2028</th>
|
|
<td> </td>
|
|
<td>0.33</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.80</td>
|
|
<td>0.78</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2029</th>
|
|
<td> </td>
|
|
<td>0.34</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.80</td>
|
|
<td>0.79</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2030</th>
|
|
<td> </td>
|
|
<td>0.34</td>
|
|
<td>0.33</td>
|
|
<td> </td>
|
|
<td>0.81</td>
|
|
<td>0.80</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2031</th>
|
|
<td> </td>
|
|
<td>0.35</td>
|
|
<td>0.33</td>
|
|
<td> </td>
|
|
<td>0.81</td>
|
|
<td>0.80</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2032</th>
|
|
<td> </td>
|
|
<td>0.35</td>
|
|
<td>0.33</td>
|
|
<td> </td>
|
|
<td>0.82</td>
|
|
<td>0.80</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2033</th>
|
|
<td> </td>
|
|
<td>0.35</td>
|
|
<td>0.33</td>
|
|
<td> </td>
|
|
<td>0.82</td>
|
|
<td>0.80</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2034</th>
|
|
<td> </td>
|
|
<td>0.36</td>
|
|
<td>0.34</td>
|
|
<td> </td>
|
|
<td>0.82</td>
|
|
<td>0.80</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2035</th>
|
|
<td> </td>
|
|
<td>0.36</td>
|
|
<td>0.34</td>
|
|
<td> </td>
|
|
<td>0.82</td>
|
|
<td>0.80</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2036</th>
|
|
<td> </td>
|
|
<td>0.36</td>
|
|
<td>0.34</td>
|
|
<td> </td>
|
|
<td>0.83</td>
|
|
<td>0.80</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2037</th>
|
|
<td> </td>
|
|
<td>0.36</td>
|
|
<td>0.34</td>
|
|
<td> </td>
|
|
<td>0.83</td>
|
|
<td>0.80</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2038</th>
|
|
<td> </td>
|
|
<td>0.36</td>
|
|
<td>0.34</td>
|
|
<td> </td>
|
|
<td>0.83</td>
|
|
<td>0.80</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2039</th>
|
|
<td> </td>
|
|
<td>0.36</td>
|
|
<td>0.33</td>
|
|
<td> </td>
|
|
<td>0.82</td>
|
|
<td>0.80</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2040</th>
|
|
<td> </td>
|
|
<td>0.36</td>
|
|
<td>0.33</td>
|
|
<td> </td>
|
|
<td>0.82</td>
|
|
<td>0.79</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2041</th>
|
|
<td> </td>
|
|
<td>0.36</td>
|
|
<td>0.33</td>
|
|
<td> </td>
|
|
<td>0.82</td>
|
|
<td>0.79</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2042</th>
|
|
<td> </td>
|
|
<td>0.36</td>
|
|
<td>0.33</td>
|
|
<td> </td>
|
|
<td>0.82</td>
|
|
<td>0.79</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2043</th>
|
|
<td> </td>
|
|
<td>0.36</td>
|
|
<td>0.33</td>
|
|
<td> </td>
|
|
<td>0.81</td>
|
|
<td>0.78</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2044</th>
|
|
<td> </td>
|
|
<td>0.36</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.81</td>
|
|
<td>0.78</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2045</th>
|
|
<td> </td>
|
|
<td>0.36</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.81</td>
|
|
<td>0.78</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2046</th>
|
|
<td> </td>
|
|
<td>0.36</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.81</td>
|
|
<td>0.78</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2047</th>
|
|
<td> </td>
|
|
<td>0.36</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.81</td>
|
|
<td>0.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2048</th>
|
|
<td> </td>
|
|
<td>0.36</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.81</td>
|
|
<td>0.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2049</th>
|
|
<td> </td>
|
|
<td>0.36</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.81</td>
|
|
<td>0.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2050</th>
|
|
<td> </td>
|
|
<td>0.36</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.81</td>
|
|
<td>0.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2051</th>
|
|
<td> </td>
|
|
<td>0.36</td>
|
|
<td>0.31</td>
|
|
<td> </td>
|
|
<td>0.81</td>
|
|
<td>0.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2052</th>
|
|
<td> </td>
|
|
<td>0.36</td>
|
|
<td>0.31</td>
|
|
<td> </td>
|
|
<td>0.81</td>
|
|
<td>0.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2053</th>
|
|
<td> </td>
|
|
<td>0.36</td>
|
|
<td>0.31</td>
|
|
<td> </td>
|
|
<td>0.81</td>
|
|
<td>0.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2054</th>
|
|
<td> </td>
|
|
<td>0.36</td>
|
|
<td>0.31</td>
|
|
<td> </td>
|
|
<td>0.81</td>
|
|
<td>0.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2055</th>
|
|
<td> </td>
|
|
<td>0.36</td>
|
|
<td>0.31</td>
|
|
<td> </td>
|
|
<td>0.82</td>
|
|
<td>0.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2056</th>
|
|
<td> </td>
|
|
<td>0.37</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.82</td>
|
|
<td>0.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2057</th>
|
|
<td> </td>
|
|
<td>0.37</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.82</td>
|
|
<td>0.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2058</th>
|
|
<td> </td>
|
|
<td>0.37</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.82</td>
|
|
<td>0.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2059</th>
|
|
<td> </td>
|
|
<td>0.37</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.83</td>
|
|
<td>0.78</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2060</th>
|
|
<td> </td>
|
|
<td>0.37</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.83</td>
|
|
<td>0.78</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2061</th>
|
|
<td> </td>
|
|
<td>0.37</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.83</td>
|
|
<td>0.78</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2062</th>
|
|
<td> </td>
|
|
<td>0.38</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.83</td>
|
|
<td>0.78</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2063</th>
|
|
<td> </td>
|
|
<td>0.38</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.83</td>
|
|
<td>0.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2064</th>
|
|
<td> </td>
|
|
<td>0.38</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.83</td>
|
|
<td>0.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2065</th>
|
|
<td> </td>
|
|
<td>0.38</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.83</td>
|
|
<td>0.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2066</th>
|
|
<td> </td>
|
|
<td>0.38</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.83</td>
|
|
<td>0.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2067</th>
|
|
<td> </td>
|
|
<td>0.38</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.83</td>
|
|
<td>0.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2068</th>
|
|
<td> </td>
|
|
<td>0.38</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.83</td>
|
|
<td>0.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2069</th>
|
|
<td> </td>
|
|
<td>0.39</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.84</td>
|
|
<td>0.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2070</th>
|
|
<td> </td>
|
|
<td>0.39</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.84</td>
|
|
<td>0.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2071</th>
|
|
<td> </td>
|
|
<td>0.39</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.84</td>
|
|
<td>0.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2072</th>
|
|
<td> </td>
|
|
<td>0.39</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.84</td>
|
|
<td>0.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2073</th>
|
|
<td> </td>
|
|
<td>0.39</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.84</td>
|
|
<td>0.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2074</th>
|
|
<td> </td>
|
|
<td>0.39</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.84</td>
|
|
<td>0.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2075</th>
|
|
<td> </td>
|
|
<td>0.39</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.84</td>
|
|
<td>0.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2076</th>
|
|
<td> </td>
|
|
<td>0.40</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.84</td>
|
|
<td>0.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2077</th>
|
|
<td> </td>
|
|
<td>0.40</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.85</td>
|
|
<td>0.77</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2078</th>
|
|
<td> </td>
|
|
<td>0.40</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.85</td>
|
|
<td>0.78</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2079</th>
|
|
<td> </td>
|
|
<td>0.40</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.85</td>
|
|
<td>0.78</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2080</th>
|
|
<td> </td>
|
|
<td>0.40</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.85</td>
|
|
<td>0.78</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2081</th>
|
|
<td> </td>
|
|
<td>0.40</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.85</td>
|
|
<td>0.78</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2082</th>
|
|
<td> </td>
|
|
<td>0.41</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.85</td>
|
|
<td>0.78</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2083</th>
|
|
<td> </td>
|
|
<td>0.41</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.86</td>
|
|
<td>0.78</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2084</th>
|
|
<td> </td>
|
|
<td>0.41</td>
|
|
<td>0.32</td>
|
|
<td> </td>
|
|
<td>0.86</td>
|
|
<td>0.78</td>
|
|
</tr>
|
|
<tr>
|
|
<th class="stub0" scope="row">2085</th>
|
|
<td> </td>
|
|
<td>0.41</td>
|
|
<td>0.33</td>
|
|
<td> </td>
|
|
<td>0.86</td>
|
|
<td>0.78</td>
|
|
</tr>
|
|
</tbody>
|
|
<tfoot>
|
|
<tr>
|
|
<td class="noNotes" colspan="7"> </td>
|
|
</tr>
|
|
</tfoot>
|
|
</table>
|
|
</div>
|
|
<div class="firstNote">SOURCE: <i>2009 Social Security Trustees Report,</i> Table <abbr title="five">V</abbr>.A2 and the Social Security Administration, Office of the Chief Actuary.</div>
|
|
<div class="note">NOTE: Projections reflect the intermediate assumptions.</div>
|
|
<div class="note">a. Ratio of the population aged 65 or older and under age 20 to the population aged <span class="nobr">20–64</span>.</div>
|
|
<div class="lastNote">b. Ratio of the population aged 65 or older to the population aged <span class="nobr">20–64</span>.</div>
|
|
</div>
|
|
</div>
|
|
<p>Chart 11 also shows that improving life expectancy after 2008 does begin to produce significant effects on the age distribution of the population after 2030. But the permanent shift in the age distribution between 2010 and 2030 because of lower birth rates remains the dominant factor for the increased Social Security program cost over the next 75 years.</p>
|
|
<p>The effect of changes in real wage growth, productivity, labor force participation, price inflation, unemployment rates, and other economic factors all have significant impact on the future cost of Social Security. However, most of these variables, and in particular real average wage growth, affect both the tax income and the benefits of the program—as a result having offsetting effects on the program as a whole. In addition, shifts in these parameters have not been as dramatic as the change in birth rates.</p>
|
|
<h2>Future Changes for the Social Security Program</h2>
|
|
<p>One useful way to describe the effect of the change in the aged dependency ratio and the resulting effect on the ratio of beneficiaries to workers is to consider the implied number of workers per beneficiary. For the past 35 years, there have been about 3.3 workers per beneficiary (consistent with the ratio of 30 beneficiaries per 100 workers). After 2030, the ratio will be two workers per beneficiary (consistent with 50 beneficiaries per 100 workers).</p>
|
|
<p>With the average worker benefit currently at about $1,000 per month, 3.3 workers would need to contribute about $300 each per month to provide a $1,000 benefit. But after the population age distribution has shifted to have just two workers per beneficiary, each worker would need to contribute $500 to provide the same $1,000 benefit.</p>
|
|
<p>Thus, in order to meet increased Social Security costs, substantial change will be needed. The intermediate projections of the <i>2009 Trustees Report</i> indicate that if we wait to take action until the combined <abbr class="spell">OASDI</abbr> trust fund becomes exhausted in 2037, benefit reductions of around 25 percent or payroll tax increases of around <span class="nobr">one-third</span> (a 4 percent increase in addition to the current 12.4 percent rate) will be required. Past legislative changes for Social Security suggest that the next reform is likely to include a combination of benefit reductions and payroll tax increases.</p>
|
|
<p>Because the large shift in the cost of the <abbr class="spell">OASDI</abbr> program over the next 20 years is not due to increasing life expectancy, it is not clear that increasing the <abbr class="spell">NRA</abbr> should be the principal approach for restoring <span class="nobr">long-term</span> solvency. Increasing the unreduced retirement age beyond 67 is one option that may be considered, given that the population may be healthier in the future and able to work to an older average age. However, this raises the question of the adequacy of monthly benefit levels. After the <abbr class="spell">NRA</abbr> reaches 67, those persons claiming benefits at age 62 will receive only 70 percent of the unreduced benefit level. Further increase in the <abbr class="spell">NRA</abbr> would decrease the adequacy of monthly benefits at age 62, and at all other ages, even further.</p>
|
|
<p>There is no one clear solution to the problem of increased cost for retirees because of fewer workers available to support the retirees, which in turn is caused by lower birth rates. This issue is not specific to Social Security, but also affects Medicare as well as many other private and public retirement income systems. The decline in birth rates has been far more dramatic in Japan and many European countries that are struggling with the effects of aging populations because of declines in birth rates even more severe than in the United States.<sup><a href="#mn10" id="mt10">10</a></sup></p>
|
|
<p>A variety of possible changes to the provisions of the Social Security Act have been considered by policymakers and have been scored by the Office of the Chief Actuary. The reader is invited to look through these options, both as individual provisions and comprehensive proposals for improving solvency of the <abbr class="spell">OASDI</abbr> program.<sup><a href="#mn11" id="mt11">11</a></sup></p>
|
|
<div id="notes">
|
|
<h2>Notes</h2>
|
|
<p> <a href="#mt1" id="mn1">1</a> These estimates reflect the intermediate assumptions of the Social Security Board of Trustees in their <i>2009 Annual Trustees Report</i>. The Congressional Budget Office (<abbr class="spell">CBO</abbr>) has been making similar estimates for several years that tend to be somewhat more optimistic than the trustees' estimates principally because <abbr class="spell">CBO</abbr> assumes faster growth in labor productivity and real earnings levels for the future.</p>
|
|
<p> <a href="#mt2" id="mn2">2</a> The <i>1983 Trustees Report</i> also included <span class="nobr">low-cost</span> and <span class="nobr">high-cost</span> projections, providing a range of possibilities and illustrating the uncertainty of these projections. The <span class="nobr">high-cost</span> projection, referred to as alternative <abbr title="three">III</abbr>, showed exhaustion of the combined <abbr class="spell">OASI</abbr> and <abbr class="spell">DI</abbr> Trust Funds in 2027.</p>
|
|
<p> <a href="#mt3" id="mn3">3</a> A very limited amount of <span class="nobr">short-term</span> borrowing from the General Fund of the Treasury is permitted in the law. Expected tax receipts for a month can be made available at the beginning of the month when this would be needed to allow timely payment of benefits. This advance tax transfer requires repayment to the General fund with interest by the end of the month. Thus, solvency is not effectively extended to any substantial degree by this provision.</p>
|
|
<p> <a href="#mt4" id="mn4">4</a> However, actual experience since the issuance of the <i>2009 Trustees Report</i> now suggests that a slightly deeper recession than previously expected will result in a temporary cash flow shortfall in 2010.</p>
|
|
<p> <a href="#mt5" id="mn5">5</a> In addition to the uncertainties about economic and population trends, alternatives <abbr title="one">I</abbr> and <abbr title="three">III</abbr> incorporate assumptions that ultimate disability incidence rates will be 19 percent lower and 21 percent higher, respectively, than the average level over the period 1970 through 2008.</p>
|
|
<p> <a href="#mt6" id="mn6">6</a> Memoranda for these proposals can be found at <a href="/OACT/solvency/index.html">http://www.socialsecurity.gov/OACT/solvency/index.html</a>.</p>
|
|
<p> <a href="#mt7" id="mn7">7</a> Available at <a href="/OACT/solvency/provisions/index.html">http://www.socialsecurity.gov/OACT/solvency/provisions/index.html</a>.</p>
|
|
<p> <a href="#mt8" id="mn8">8</a> The probability of survival from birth to age 10 is readily obtainable in the life tables for years starting in 1900, available at <a href="/OACT/NOTES/s2000s.html">http://www.socialsecurity.gov/OACT/NOTES/s2000s.html</a>. For the illustration provided here, these probabilities were extrapolated back to 1875, consistent with the trend in decennial census data for the population of the state of Massachusetts.</p>
|
|
<p> <a href="#mt9" id="mn9">9</a> For this illustration, it is assumed that death rates at all ages remain at the level experienced in 2008 for all future years.</p>
|
|
<p><a href="#mt10" id="mn10">10</a> See, for example, <a href="https://www.oecd.org/en/topics/child-and-family-well-being.html">http://www.oecd.org/dataoecd/13/38/16587241.pdf</a>.</p>
|
|
<p><a href="#mt11" id="mn11">11</a> For individual provisions, see <a href="/OACT/solvency/provisions/index.html">http://www.socialsecurity.gov/OACT/solvency/provisions/index.html</a>.</p>
|
|
<p class="secondpara">For comprehensive proposals, see <a href="/OACT/solvency/index.html">http://www.socialsecurity.gov/OACT/solvency/index.html</a>. In addition, for detailed projections of the <i>2009 Trustees Report,</i> see <a href="/OACT/TR/2009/index.html">http://www.socialsecurity.gov/OACT/TR/2009/index.html</a>. The full reports for prior years are available at <a href="/OACT/TR/index.html">http://www.socialsecurity.gov/OACT/TR/index.html</a>.</p>
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