« A Thought on the Laws of Economics and the Minimum Wage | Main | Only the Best Furniture for EPA Bureaucrats »

A Thought About the Sustainability of Social Security

"Social Security is simultaneously growing and losing money. And these losses will become increasingly severe.  In 2010, more money went into subsidized benefits than were received from taxes. According to the trustees of the Social Security "trust funds," there will be a cash deficit averaging about $77 billion annually through 2018, which will then rise steeply as the number of beneficiaries continues to grow at a substantially faster rate than the number of covered workers. The ratio of beneficiaries to workers that I described earlier gets much worse. The combined DI and OASI "trust funds” will be completely depleted by 2033. In fact, the trustees forecast that expenditures will exceed tax revenues throughout the next seventy-five years. When they calculate the present value of the unfunded obligation for the next seventy-five years, it comes to $10.6 trillion, or $1 trillion more than last year’s prediction. Indeed the $10.6 trillion will be necessary to fund obligations on top of the income the federal government receives from Social Security taxes.” (emphasis in the original; footnotes deleted)

~ Mark Levin

Source: page 41, “Plunder and Deceit: Big Government’s Exploitation of Young People and the Future.," available at Barnes & Noble. Available at Amazon.



TrackBack

TrackBack URL for this entry:
http://www.acta.us/growls-mt/mt-tb.fcgi/3187