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Politics : Formerly About Advanced Micro Devices

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To: RetiredNow who wrote (551753)	2/23/2010 4:57:52 PM
From: SilentZ	Read Replies (3) of 1571958

>That's not true. Medicare started running a deficit in 2007. By 2015, Medicare and Social Security will run a combined deficit, by 2017, Social Security will also run a deficit. Not sure where you get the idea that these programs will be in the black for the next 40 years. That's just not true. See chart below. en.wikipedia.org According to most projections, the Social Security trust fund will begin drawing on its Treasury Notes toward the end of the next decade (around 2018 or 2019), at which time the repayment of these notes will have to be financed from the general fund. At some time thereafter, variously estimated as 2041 (by the Social Security Administration[86]) or 2052 (by the Congressional Budget Office[87]), the Social Security Trust Fund will have exhausted the claim on general revenues that had been built up during the years of surplus. At that point, current Social Security tax receipts would be sufficient to fund 74 or 78% of the promised benefits, according to the two respective projections. The Social Security Trustees suggest that either the payroll tax could increase to 16.41 percent in 2041 and steadily increased to 17.60 percent in 2081 or a cut in benefits by 25 percent in 2041 and steadily increased to an overall cut of 30 percent in 2081.[88] The Social Security Administration projects that the demographic situation will stabilize. The cash flow deficit in the Social Security system will have leveled off as a share of the economy. This projection has come into question. Some demographers argue that life expectancy will improve more than projected by the Social Security Trustees, a development that would make solvency worse. Some economists believe future productivity growth will be higher than the current projections by the Social Security Trustees. In this case, the Social Security shortfall would be smaller than currently projected. There's money in there for Social Security. We just need to do something in the next 40 years or so to increase the revenues. Removing the cap would be a good way to go. -Z

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