Projection says Social Security facing $32 trillion shortfall

According to a projection known as the "infinite horizon," Social Security will have $32.1 trillion in unfunded liabilities by 2090, CNBC reported.

Taking into account all future liabilities, including those beyond the 75-year period typically used by Social Security actuaries in their calculations, the infinite horizon’s latest projection comes in at $6.3 trillion more than last year's.

In comparison to the infinite horizon projection, the Social Security Administration projects that by 2090 unfunded obligations will reach $11.4 trillion -- up $700 billion from the $10.7 trillion projected for its 2089 shortfall.

Boston University economics professor Laurence Kotlikoff told CNBC that the significantly higher infinite horizon projection shows that Social Security Administration actuaries are more pessimistic about economic and wage growth.

According to the Social Security and Medicare Boards of Trustees' annual report, a reduction in the interest rate used to make calculations under the infinite horizon projection was the main contributor to the rise in the unfunded obligations forecast from last year, CNBC reported.

"You can't hide the numbers under a bunch of malarkey," Kotlikoff told CNBC. "All the bills have been kept off the books by Congress and presidential administrations for six decades."