mr. goss says -- pointed out, pay for social security to make sure that we have enhancements in place for the 10,000 people a day that become eligible and for future generations into and beyond the 75 year requirement while still making the programs both on the disability side and the pension and survivors benefits solid. this should be as it was back in 1983 a bipartisan effort, and i think when you think about the fact for 50 cents a week if you're making $50,000 a year we can solve this problem, i'd love to have the american people welcome that debate with them so that we can arrive at a conclusion that i think is in the best interest of everyone. social security is neither democrat or republican, it's american. >> thank you. thank you. you know, as is customary, any member is welcome to submit a statement for the record. before we move on to our testimony today i want to remind our witness to please limit your oral statement to five minutes. however, without objection, all of the written t

mr. goss, welcome back. please proceed with your testimony. >> thank you very much chairman, ranking member and members of the committee. it's a pleasure to be here to talk about the 2018 trustees report. congress by the way has received from the trustees, every single year since 1941, its annual report at trend report as required in the law. i want to thank both of you for talking about the nature of the coming shortfalls which in so many years we have discussed their large recently about the demographics. it is like it is inevitable. let me speak briefly about three major items that are the changes in the trust report compared to the less. first, based primarily on the lord then application an incidence rate through 2017, to levels that are below the levels we achieved at the peak of the last economic cycle in 2007. the completion date extended once again from 2028 of until 2032. the depletion date despite of the fact are now seem to be rising more rapidly to the same ultimate rate is assume

mr. goss, welcome back. please proceed with your testimony. >> thank you. it's a pleasure to be here today. i will talk about the trustees report. congress has received from the trustees every year the annual report as required in the law. i think both of you and your oral statements for talking about the nature of the shortfalls of social security. there really largely about the demographics. the age demographics are changing because of the drop. the tide is inevitable. let me speak briefly about three major items that are the changes. first, based on continuing lower-than-expected application and incidence rate to levels below what we achieved at the peak of the last economic cycle in 2007, the completion date is extended by an additional four years it is a very close. the di completion date is extended despite of the fact that incidence rate are soon to be rising more rampantly to the same rate is assumed last year. bit of a technical point, average benefit levels projected to be lower due