The Congressional Budget Office (CBO) has released updated long term projections for the Social Security trust funds. Here is an excerpt:
CBO estimates that if the Social Security payroll tax rate was increased immediately and permanently by 1.3 percentage points—from the current rate of 12.4 percent to 13.7 percent—the trust funds’ balance at the end of 2083 would equal projected outlays for the subsequent year.When you put it that way, Social Security's financing problems sound like something easily solved.
http://angrybear.blogspot.com/2009/05/northwest-plan-for-social-security.html
ReplyDeleteThe address above is for an excellent post on the Angry Bear Blog regarding how to make up the 1.3 percent (alleged)revenue shortfall needed to keep the Trust Funds solvent. As explained in the NW Plan proposed by Bruce Webb and Dale Coberly, it's not only doable but also is ridiculously easy.
A quick look at this excellent work will convince you that the so-called "liberal bias" in the media is more like a "Dooms Day" bias when it comes to Social Security sovency. It's eye-opening and inspires a healthy skepticism regarding the voices calling for Social Security reform. Of course, health care is what we're doing now, but if this administration never gets around to "doing something" about Social Security, it may be all to the good.