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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: orkrious who wrote (15285)11/9/2004 7:27:48 PM
From: CalculatedRisk  Read Replies (2) of 116555
 
Social Security ran a surplus of ~$200 Billion this year (~25% of total SS revenue was surplus).

Under current assumptions, the Surplus will continue to GROW until 2017. Then the surplus will start to decline.

Social Security will continue running a surplus for a number of more years and finally start to exhaust the trust fund around 2042.

All of the above is if we MAKE no changes.

So why are people concerned about Social Security? The reason is the SS surplus (the most regressive tax in America) is being used for General Fund expenditures. Those workers in the lower and middle classes are being told they are paying into SS while 25% of the SS payments are actually going to national defense and other general fund spending priorities.

Saying that SS is "insolvent" is absurd. It is the Federal government that is irresponsible.
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