stephen goss, chief actuary of the social security administration. karen glenn, deputy chief actuary of the social security administration. henry aaron, senior fellow at the brookings institution. kilolo kijakazi, urban institute, and doug holtz eakin president of the american action forum. their therefore bios are in the packets so please do if you want more information on her speakers please look there. with that i like to introduce steve to talk about the programs finances. >> great. thank you very much, ben. karen and i would do a tagteam through some of the two. we have a number of slides and ben promised he will yell at us if for taking too much time because we don't want to keep you from all the eloquence of the rest of our folks. let me run through the first couple of slides. we will go back and forth so that it would keep interesting because some actuaries are not as interesting so if we tagteam it will be better. first of all, why are we here today? because social security but in particular the date of yesterday, daniel trustee's report cam

seated at the table is stephen goss, 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 to changes and

so with that, i'd like to introduce our speakers, steve goss, stephen goss, actuary of the social security administration. karen glenn, deputy chief actuary of the social security administration. henry aaron, bruce and virginia mccory, senior fellow with the brookings institution. kilolo kijakazi from the urban institute. and doug holtz-eakin, president of the american action forum. their bios are in the packets. so if you want more information on our speakers, please look there. with that i'd like to introduce steve to begin talking about the program's finances. >> great. thank you very much, ben. and karen and i are going to do as we described, sort of a tag team run you through some of the material. we have a number of slides. ben will yell at us if we're taking too much time. so let me just run through the first couple slides, karen will run through some. we'll go back and forth, to keep it interesting. because it's been said that some actuaries are not as interesting. so tag team will be better. why are we here today because of social security, but in particular the date of yesterday

seated at the table is stephen c goss, 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 assumed in last years

we have one witness today seated at the table is stephen c. goss, chief actuary, social security administration. mr. goss, welcome back. please proceed with your testimony. >> thank you very much, chairman johnson, ranking member larson and all members of the committee. it's a pleasure to be here with you today to talk to you about the 2018 trustees' report and congress, by the way, has received from the trustees every single year starting 1941 this annual report as you have required in the law. i just want to first of all thank both of you in your oral statements for talking about the nature of the coming shortfalls that we have for social security which we have so many years now discussed are really largely about the demographics, about the fact that our each distribution in our population is changing because of the drop in the birth rates back in the 1960s. it's like the tide, inevitable. but let me speak to you briefly about three major items that really are the changes in the trustees report compared to the last. first, based primarily on cont

[applause] stephen this morning, goss is testifying on the social security administration's fiscal solvency. live coverage beginning at 11:00 a.m. eastern on c-span three. later, the house foreign affairs committee looks at business investments abroad in the future of trade between north and south america. live coverage beginning at 2:00 p.m. eastern on c-span three. floor, work continues on the combined spending bill for energy. they also take up a bill to resend a $15 billion in spending from unused funding appropriated in previous years. at 10:00 a.m..ns live coverage here on c-span. the u.s.-north korea summit is set for tuesday. book tv will feature authors with books about the region. this sunday, with one book, a north korean girls journey to freedom. another author, and her book "undercover". watch on c-span2's book tv, sunday at 5:00 p.m. eastern. next, we have from health and human secretary alex azar. he testified yesterday morning. members focus their questions on the opium