Found via Willisms, here’s a table from Congressman Todd Tiahrt’s web site:
When the Social Security trust fund is depleted sometime around 2041, then - by law - the government can only pay out benefits equal to payroll tax revenues. This is estimated to amount to a 27% decrease in promised benefits and the cuts will continue due to the shifting demographics towards an older population. But don't worry: reform is coming after the election...in 2042.
6 comments:
No worries! Iraqi oil will pay for our Social Security program.
Run along, Anonymous. It's time for your 'Western Imperialism 101' class.
Many epxerts believe the needed Social Security money was secretly moved to Syria.
To the lack of money in the national trust fund, I say "Bring it on."
Let me put it to you this way. The Social Security fund has earned capital, financial capital. And now it intends to spend it.
Apparently the stress of declining benefits causes people to age more rapidly than they normally would, too.
Which gives me an idea. If the rate of aging is truly inversely related to the benefits paid out of Social Security, we could solve the whole problem by promising anyone under retirement age infinite benefits.
Then they would never age, and Social Security would be remain solvent forever.
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