From a
June 28 letter from Social Security's Chief Actuary Stephen Goss to Senator Marco Rubio:
I am writing in response to your request for estimates of the long-range financial effects on Social Security of Senate Bill S. 744, as reported out by the Judiciary Committee, amended, and passed by the Senate on June 27. ...
We estimate that enactment of this Bill would increase asset reserves for the combined Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) Trust Funds by $284 billion by the end of 2024, and would extend solvency of the OASDI program for an additional 2 years ...
Wow, a whopping 2 years!
ReplyDelete2 years is better than none. You know that the cons would have gone nuts if the passage of the bill would result in accelerating insolvency by even a few hours.
ReplyDeleteLet's see... extending the trust fund for 2 more years means that there is additional Treasury principal and interest to be redeemed with general funds, the same way we pay for battleships.
ReplyDeleteSo, we have 2 more years of increasing the deficits, and the debt held by the public.
Should I eat an extra 2 hot dogs to celebrate on Thursday?
don Levit
I bet the pay out is more than the increase.
ReplyDeleteDon, sometimes I think if Charles gave you a 50lbs gold brick you would complain that it was too heavy.
ReplyDeleteLeave Don be, he just can't get over how strange the accounting and budgeting process for our government, which manages the largest economy in the world, is compared to his monthly dining room table budgeting...
ReplyDeleteAside from my character, can anyone refute the cash accounting of my remarks?
ReplyDeleteDon Levit
Just eat the two extra hotdogs, you know you want them!
Delete