level, it isfund 20% of annual outgo. there is a law that we may have to adjust our cost-of-living adjustment which is based on cpi . if we go below 20% and the average wage growth is less than the increase in prices, then we use the lesser of the two. otherwise, we always use the cpi. >> with such a choice -- would such a choice affect [indiscernible] >> we do not expect to be living in the range between zero and 20 for -- twine percent trust fund ratio. historically, all of the policymakers and policy wonks like all of us have said that for this program, even though we are not an advanced funded system, we have to keep this reserve level at one years worth of outgo, that is the target. we are almost three years worth of outgo in the trust fund. to get and stay below 20% and 0% for a time would be tricky. we are -- recessions still happen and we have estimated a normal recession, not a great when but a normal recession might result over two or three years of dropping our trust ratio by as much as 20 percentage points. ou