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
Posted May 1, 2012 at 8:02 am
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