From Mother Jones:
... I have some good news to share. I was browsing through the 2017 Social Security Trustees report, and it turns out that Social Security will be solvent through the rest of the century. Here’s their chart of how things look based on different estimates of economic growth:
As we all know, the official OMB/Treasury estimate of future economic growth is 2.9 percent, which means the trust fund will be flush with cash far into the future. This means everyone can stand down and leave Social Security alone. In fact, it’s doing so well that Congress might want to think about raising benefits. Hooray!
5 comments:
I wish he indicated where he got the 2.6% number. The low-cost assumption is indicated by "I" in the figure. What I see in the Trustees Report is "For the low-cost assumptions, the annual growth in real GDP averages 3.3 percent over the decade ending in 2026" (Near the end of section 6 of the "Economic Assumptions and Methods" page). Table V.B2 shows that after 2026, the real GDP growth for the low-cost option is always either 2.7% or 2.8%, except for one 2.6%. That gives an average over the 75-year horizon of about 2.8-2.9%, I think.
https://www.ssa.gov/OACT/TR/2017/V_B_econ.html
Of course, reality could be very different from the official estimate.
Are those the same predictions of growth the republicans are using to claim that their tax plan won't make the deficit get bigly, huge, like the biggest ever?
This is huuge! it's great and a very special thing for social security. Social security is a very special thing for America. God bless social security and the United Sates of America. These numbers are GREAT and a BIG WIN!
2.9% growth is Treasury Secretary Mnuchin's own prediction. What's good for the goose is good for the gander . . .
Ever seen a gander lay an egg?
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