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INTRODUCTION Federal debt held by the public stood at $26.2 trillion at the end of 2023, almost as large as U.S. Gross Domestic Product (GDP). Such a high debt level resulted from consistently high federal deficits after the Budget Enforcement Act of 1990 was abandoned in 2002, and Congress enacted several spending increases and tax cuts.
The Social Security Disability Insurance (SSDI) program faces imminent insolvency. Annual expenditures totaled $143 billion in 2013, but program receipts amounted to $111 billion—a shortfall that is projected to continue indefinitely. According to the Social Security Trustees, the program’s trust fund will be fully depleted in 2016, compelling either a large benefit cut or a large tax hike—neither option being politically popular.
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