From the non-partisan Center on Budget and Policy Priorities:
The Social Security trustees’ report issued this week estimates that Social Security faces a total shortfall over the next 75 years of 0.56 percent of Gross Domestic Product (GDP). This is slightly less than the estimated cost over that same period of extending the 2001 and 2003 tax cuts just for the top 1 percent of households: 0.6 percent of GDP.[i] (Currently, households in the top 1 percent make more than $450,000 per year.)
This striking fact should serve as a much-needed “reality check” in discussions over entitlement programs and the nation’s long-term fiscal future. Too often, such discussions assume that Social Security faces a titanic shortfall that will require radical restructuring of the program, while paying little or no attention to the enormous fiscal damage that would result from extending the tax cuts without paying for them.