Table VI.F1 shows that the OASDI open-group unfunded obligation over the infinite horizon is $61.8 trillion in present value, which is $41.3 trillion larger than for the 75‑year period. The $41.3 trillion increment reflects a significant financing gap projected for OASDI for years after 2096 into perpetuity. Of course, the degree of uncertainty associated with estimates increases substantially for years further in the future.To illustrate the magnitude of the projected infinite horizon shortfall, consider that it could be eliminated with additional revenue equivalent to an immediate increase in the combined payroll tax rate from 12.4 percent to about 16.9 percent,^{1}or with cost reductions equivalent to an immediate and permanent reduction in benefits for all current and future beneficiaries by about 26.4 percent.

Last year, the Trustees projected that the infinite horizon unfunded obligation was $59.8 trillion in present value discounted to January 1, 2021. If the assumptions, methods, and starting values had not changed, moving the valuation date forward by 1 year to January 1, 2022 would have discounted future values by 1 year less, thus increasing the measured unfunded obligation by about $1.5 trillion, to $61.3 trillion. The net effects of changes in assumptions, methods, law, and starting values increased the infinite horizon unfunded obligation by an additional $0.5 trillion. The nominal dollar levels of taxable payroll (and GDP), cost, and thus annual cash-flow shortfalls are higher in this year’s report than in last year’s report. At the same time, the assumed interest rates used for discounting did not increase to the same degree, thus increasing the measured present value of the unfunded obligation in dollars. This increase was partially offset by a reduction in the assumed ultimate disabled worker incidence rate and changes in economic data and assumptions. See section IV.B.6 for details regarding changes in law, data, methods, and assumptions.Table VI.F2 separates the components of the infinite horizon unfunded obligation (with the exception of General Fund reimbursements) among past, current, and future participants. The table does not separate past General Fund reimbursements among participants because there is no clear basis for attributing the reimbursements across generations.The excess of the present value of cost for past and current participants over the present value of dedicated tax income for past and current participants produces an unfunded obligation for past and current participants of $46.4 trillion. Table VI.F2 also shows an unfunded obligation of $45.7 trillion for past and current participants, including past and future General Fund reimbursements. Future participants are scheduled to pay dedicated taxes of $16.1 trillion less into the system than the cost of their scheduled benefits ($143.0 trillion of dedicated tax income as compared to $159.1 trillion of cost). The unfunded obligation for all participants through the infinite horizon thus equals $61.8 trillion.

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