The Doomsday Scenario
Doomsday Scenario from OurFiscalSecurity on Vimeo.
(Via Our Fiscal Security)
In contrast to that myth, the Economic Policy Institute says:
Social Security is running a surplus of $77 billion this year and amassing a trust fund large enough to last through the peak retirement years of the Baby Boomers. Social Security can only spend what it receives in tax revenues and has accumulated in its trust fund from past surpluses and interest earnings. It cannot add to the deficit if the trust fund is exhausted because the law prohibits it from borrowing (if current revenues and savings in the trust fund are not sufficient to pay promised benefits, these have to be cut). Though modest changes will be needed to put Social Security in balance over the 75-year planning period, the projected shortfall is less than 1% of gross domestic product (GDP).
Tags: social security
Many conservatives have had a bugaboo about Social Security since it became law. Presumably many are well off, so it’s “the devil with the rest of us.” Shame! Shame! Of course, many of them just want to get their hands on the money (privatize) so they can make more money they can’t spend.
Randy
http://pontificating-randy.blogspot.com/2010/10/paying-piper-part-82-unpleasant-ticket_20.html
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