How Social Security Falls Short by 28% over the next 24 years
Government accounting for Social Security has devolved over time from deceptive to dishonest to desperate.
The latest Social Security Trustees report says that benefit promises are fully financed until 2033 and three-fourths financed after that. In short: no crisis.
Here's the truth, embedded between the lines: At the current payroll tax rate, Social Security would only bring in enough revenue to pay for 72% of all benefits through 2036.
Read it all.
Filed under: * Culture-Watch • Aging / the Elderly • * Economics, Politics • Economy • The U.S. Government • Budget • Social Security • The National Deficit • Politics in General • House of Representatives • Office of the President • Senate
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Posted May 1, 2012 at 8:02 am
Posted May 1, 2012 at 8:02 am
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Prepare for the next Great Depression, coming to a city, town or village near you. Opening date and special events TBD.
Pax et bonum,
Keith Töpfer
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May 2, 7:57 am | [comment link]—“The common belief that whisky improves with age is true. The older I get, the more I like it.”—[Ronnie Corbett]
—“Si vis pacem, para bellum.”—[classical adage, believed based on a quotation from Publius Flavius Vegetius Renatus]
—[i[]If you can keep your head while all those around you are losing theirs, you obviously don’t understand the gravity of the situation!”—[author unknown]