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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: CalculatedRisk who wrote (18782)12/16/2004 7:59:33 PM
From: seventh_son  Read Replies (3) of 116555
 
I am very confused about the social security liability issue. There are some, such as Boston University Professor Lawrence Kotlikoff, who claim that the unfunded liabilities are enormous -- 7 trillion dollars. He estimates that combined with the unfunded medicare entitlements of 37 trillion, the government will be hard-pressed to cover both of these without either massively increasing taxes or cutting federal spending to 0! On the other hand, I know that others are vehemently claiming that there is no social security underfunding at all, that it is all a red herring, if we just look out over the next 30 years (although demographics peak in scariness only after 30 years time). On top of this, we have the government saying that they are going to do something now to fix the system, but that it may require 1-2 trillion dollars of borrowing to put things in shape. Can anyone reconcile all these conflicting claims? Is the system unfunded to the tune of $7 trillion, $0, $2 trillion, or what?
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