This is one of the most incredible statements I have ever read about Social Security.
Back in 1983? Unless my math is pathetic, that was thirty-five years ago. Who cares what the actuaries did not anticipate in 1983 (assuming her claim is correct given benefits increase at the rate of wages). If wages were diverted to pay health insurance from those who have employer coverage, so were the wages credited for SS benefit calculations.
The main reason Social Security taxes aren’t sufficient to pay full benefits is that the system did not anticipate the extreme growth of inequality in earnings and how much of wages would be diverted to pay health insurance back in 1983 when the Social Security tax was last raised by Congress and the President. Teresa Ghilarducci
Economics professor, The New School for Social Research writing in Huff Post Jan 2018
Here is what the Trustees said in their 2017 report:
Projected OASDI cost increases more rapidly than projected non-interest income through 2037 primarily because the retirement of the baby-boom generation will increase the number of beneficiaries much faster than the number of covered workers increases, as subsequent lower-birthrate generations replace the baby-boom generation at working ages. From 2038 to 2051, the cost rate (the ratio of program cost to taxable payroll) generally declines because the aging baby-boom generation is gradually replaced at retirement ages by historically low-birth-rate generations. Thereafter, increases in life expectancy cause OASDI cost to increase generally relative to non-interest income, but more slowly than between 2010 and 2037.
Here is the real amazing thing about the professors claim.