For the past decade, the Congressional Budget Office (CBO) has projected lower 75-year deficits than the Social Security trustees. That relationship has now reversed, with CBO projecting a larger 75-year shortfall. One reason for the reversal is that CBO has switched from relying on the Social Security actuaries’ mortality assumptions and have come up with their own. The question is whether this is an earth-shattering development or another data point.
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