Lets set the record straight about Social Security. It’s not “going broke” in 50 or 75 years … it’s broke today.
The system’s unfunded liability is $32 trillion, according to the “infinite horizon” projection in the Social Security and Medicare Boards of Trustees’ annual report. This is the present value difference between a) all the system’s projected benefit payments and b) all the system’s projected tax receipts plus the existing trust fund. This unfunded liability measure is called Social Security’s fiscal gap. It’s formed over the system’s entire projected future.
Politicians won’t tell you the truth. 😡 When Americans are told the truth, they refuse to believe it. 🙄 Americans readily believe ridiculous rumors about Social Security such as Congress stole the trust funds. 😜 The vast majority of Americans “support” expanding Social Security without regard to the current fiscal situation. 🤑 Many older Americans foolishly have reached old age depending mostly (sometimes entirely) on Social Security. 😁 Politicians and Americans are incapable of taking a long-term strategic view.
Americans believe that Social Security can be fixed painlessly by having only the “wealthy” carry the burden (otherwise known as the better educated, skilled, hardest working, risk takers, planners, doers and achievers). They are misinformed 😱
Categories: Social Security