The Congressional Budget Office projects that over the next decade Social Security's annual cash deficit will rise by nearly $100 billion, reaching $155 billion a year. The cost of servicing the extra public debt tied to cashing in $1 trillion worth of Social Security's intragovernmental IOUs over the 10 years would add $40 billion to the deficit in 2022 alone, an IBD analysis finds.
Overall, Social Security would account for nearly $200 billion in annual deficits or nearly 20% of the $1 trillion-plus deficit that would occur under current policies, including fiscal-cliff tax hikes.
Then, over the following decade, the retirement program's impact on deficits would really balloon.
Read it all.
Filed under: * Culture-Watch Aging / the Elderly History * Economics, Politics Economy The U.S. Government Budget Social Security The National Deficit Politics in General House of Representatives Office of the President President Barack Obama Senate
Posted January 14, 2013 at 6:30 am
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