Social Security crisis? All is well!

In a timely follow up to my "FICA Freedom Day" post below, Fox News notes that the General Accounting Office thinks we need to do something now: "GAO: Congress Best Not Wait to Fix Social Security" A key passage:

Younger Americans confront tax increases, cuts in government programs and services and reduced retirement benefits -- or a combination -- to restore long-term financial health to the current system. Social Security faces a $3.8 trillion deficit during the next 75 years. To fix the system permanently, the cost would be $10.5 trillion -- or more than $99,000 for an average family of 1.5 workers, said James Lockhart, deputy Social Security commissioner.

If the system is not overhauled, workers eligible for Social Security income in 2042 would see a 27 percent cut in promised benefits. In 2077, a 35 percent reduction in promised benefits would be required, Lockhart said in his testimony.

If payroll taxes were raised to fully fund the shortfall, the current 12.4 percent rate would rise to nearly 16 percent in 2043. Annual increases thereafter would reach almost 19 percent in 2077.

Well, there are the numbers. I'm not crazy about partial privatization or individual accounts, but they're a far sight better than the Democrats' imitation of Kevin Bacon in Animal House: "All is well! Remain calm! All is well!"