Max Sawicky heaps praise on this really astute political analysis of the situation Social Security is in:
The facts: The Social Security system cannot go "bankrupt," for it has no creditors. By law, the trustees will continue to pay reduced benefits even if the trust fund is exhausted. Payroll taxes will continue to come in and benefits will continue to be paid.
According to the trustees' intermediate economic forecast (neither doom nor boom), the trust fund will be able to pay about 73 percent of scheduled benefits in 2042 and about 68 percent of scheduled benefits in 2078.
....The facts: Social Security says younger people will see a lot more than a dime.
But nothing like what they will have paid into the system in taxes.
As Dick Vitale might put it: He ain't a closer, baby.
Wednesday, January 12, 2005
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