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Politics : Formerly About Advanced Micro Devices
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To: Road Walker who wrote (211806)11/16/2004 9:03:00 AM
From: i-node  Read Replies (1) of 1573439
 
Second, as I said, there will be times when SS is underfunded, and times when it is overfunded. We are about to enter a time when it is underfunded, but when the echo boomers reach their peak earnings years, it will probably again be overfunded (as it is right now).

There has not been a time in the last 50 years when SS was "overfunded".

SS prepares its financial statements on the cash receipts and disbursements basis of accounting -- a system under which no acocunt is given to the accrued liability for all those retirees who are either currently drawing benefits or who have paid into the system and will eventually draw benefits.

The unfunded liability at this point exceeds $10 TRILLION, and will grow to $26 TRILLION in the next 20 years.
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