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Politics : Don't Blame Me, I Voted For Kerry
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To: Bearcatbob who wrote (4453)2/28/2004 1:25:03 PM
From: Steve DietrichRead Replies (1) of 81568
 
<<Steve, Social Security has been known to be going broke for years.>>

Now i do think you've got your facts wrong.

SS is 100% solvent for nearly 40 years and then (with no changes according to the SS Trustees) it doesn't go broke but it could only pay 70+% of benefits after that.

But the SS Trustees use conservative estimates of gdp growth for their predictions, an average of 2.5%. With more robust projection, projections most economists favor (3.5%), SS never fails, just as it is.

Of course all this depends on the full faith and good credit of the US Government. You see the Treasury has borrowed nearly $2 trillion from SS (this is about 2/7 of the total debt) So the only way SS is in serious trouble is if the US government can't be counted on to honor its debts.

Yes the left demagogues the issue. But this is a big lie from the right: SS is not going broke. But it expects the federal government to honor its debts. (So do the holders of the other $5 trillion of debt. Imagine telling them they're in trouble, they're going broke, once they intend to redeem their Treasury notes.) The right needs to say SS is going broke to legitimize privatizing it. Otherwise they'd have no case.

Steve Dietrich
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