In a policy memo outlining the CBO's findings, the Economic Policy Institute (EPI) noted the report's finding that said “future Social Security beneficiaries will receive larger benefits in retirement… than current beneficiaries do, even after adjustments have been made for inflation.”

EPI said while advocates for privatization continue to paint a bleak picture of Social Security’s future, and the message has reached young adults in particular, the reality is far more optimistic.

Since the early 1980s, Social Security has been taking in more in worker contributions than it has been paying out in benefits. This has resulted in a growing trust fund of more than $2 trillion. These reserves are projected to grow for another decade, and then will decline and run out in 2041. If no action is taken, benefits will have to be cut by about 25 percent, as they will be funded entirely from current contributions. Even if lawmakers allowed this to happen, future retirees will receive benefits that are more generous than those received by previous generations. Retiring at 65, the typical young adult born between 1980 and 1990 will receive retirement benefits valued at $188,000 (in 2007 dollars), up from $181,000 for retirees born between 1960 and 1970.

EPI further states that the biggest problem facing Social Security is not the boomer retirement, but growing income inequality, which increases the share of untaxed earnings above the taxable earnings cap (currently set at $102,000).