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Politics : Formerly About Advanced Micro Devices
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To: RetiredNow who wrote (216799)2/1/2005 11:19:47 PM
From: combjelly  Read Replies (1) of 1571911
 
"They themselves say the SS Trust Fund will be insolvent by 2042."

I have read the report. Assuming things go as they project and no changes are made, they won't be able to pay full benefits starting in 2042. This doesn't mean they have to shut their doors or that payments will stop. It only means they will make payments at a reduced rate. Period. And that reduced rate is higher than retirees are getting today, when measured in constant dollars. Bankruptcy doesn't even begin to enter the equation, except as a distortion of the facts.

Interestingly enough, if the economy grows at a rate that the administration claims it will when they make their budget deficit projections, there won't be any exhaustion of the trust fund for the next 75 years...

So the lack of understanding ball is back in your court.
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