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"...except to maintain and protect Social Security as the last-ditch retirement system..." I suspect that's the rub. I don't have ALL of the information on Soc
by bilbo0s 13y ago
"...except to maintain and protect Social Security as the last-ditch retirement system..."
I suspect that's the rub. I don't have ALL of the information on Social Security, but the system is probably a good deal more difficult to fix than it seems. From both a fiscal and political perspective.
- rayiner 13y agoSocial Security's unfunded liability over the infinite future horizon is equal to 4% of future taxable payroll, or 1.4% of future GDP: http://cnsnews.com/news/article/social-security-faces-96t-unfunded-liabilities-83894-household http://cnsnews.com/news/article/social-security-faces-96t-un.... A 4% increase in FICA taxes would be hard to swallow for many families, but let's face it, it's not going to make or break anyone and it would permanently fix Social Security.
- btilly 13y agoAlternately Social Security is projected to be solvent for decades if the US federal government simply pays back the treasury bonds which are invested in Social Security. I know, actually paying bonds that are owed to Social Security is a radical notion. As would be raising taxes for that purpose.