What are you talking about? Why do you post nonsense like that? Social security is owed 2.7 trillion by the federal government? That is money people put into it. Why did you not mention that and instead post your crazy math? If you lift the cap off SS, the accountants know SS will be good for another 75 years. Those are the facts and the math. - koan
It's not my math. The statements come from the Trustees Report Summary on Social Security. Since they administer the trust, you'd think they know what they are talking about. Your solution to making it more sustainable is a good one. I've also suggested raising the retirement age. Whatever the solution is, something needs to be done. The bottom line is that currently, the promises made exceed the Trust's ability to pay. That is the fact, as stated by the SS Trust Administrators themselves, as you can see below.
In addition, actuaries put the net present value of cash flows, as per current law, at negative $8.6Trillion:
At the beginning of 2012, the open-group unfunded obligation over the next 75 years was $8.6 trillion. This represents 2.5 percent of taxable payroll...http://www.actuary.org/files/SSC_IssueBrief_2012TrusteesReport_120501.pdf Social Security is not sustainable over the long term at current benefit and tax rates. Beginning in 2010 and continuing in 2011, the program paid more in benefits and expenses than it collected in taxes and other noninterest income, and the 2012 Trustees Report projects this pattern to continue for the next 75 years. The Trustees estimate that the trust funds will be exhausted by 2033. At that point, payroll taxes and other income will flow into the fund but will be sufficient to pay only 75% of program costs. As reported in the 2012 Trustees Report, the projected shortfall over the next 75 years is 2.67% of taxable payroll...http://www.ssa.gov/policy/docs/chartbooks/fast_facts/2012/fast_facts12.html#page37 Social Security income minus costs as a percentage of taxable payroll
SOURCE: 2012 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Disability Insurance Trust Funds, Table IV.B1. |
