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Politics : PRESIDENT GEORGE W. BUSH
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To: Peter Dierks who wrote (672235)2/15/2005 1:35:43 AM
From: Cogito  Read Replies (1) of 769667
 
>>Actually, the shortfall in Social Security should only be temporary, though lasting a couple of decades.

Requiring 75% of the federal budget by 2075. Based on my understanding it is not transitory. There are things we can do to change the math. One solution would be to increase retirement age.<<

Peter -

Where do you get a figure like 75% of the federal budget? Here's a discussion of the real shortfall numbers.

cbpp.org

Here's the line that speaks directly to the numbers:

"The Social Security and Medicare Trustees, a majority of whom are members of the President’s cabinet, project that the Social Security shortfall will amount to 0.65 percent of the Gross Domestic Product (the basic measure of the size of the U.S. economy) over the next 75 years.  In dollar terms, the Trustees project the shortfall over the 75 year period at $3.7 trillion."

- Allen
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