Monday, August 9, 2010

Possibly the most incorrect article ever on Social Security


I hardly know where to start, but this conclusion sums it up.

"The trust fund may not last forever, but reports of its demise are certainly premature. The trustees say it will be drawn down to zero in 2037, at which point the program will only have enough money coming in from taxes to pay 78% of the benefits due under current law. So sometime in the next quarter-century — but by no means right now — does anything have to be fixed, say through a hike in the payroll tax ceiling (or, better, its elimination)?"

I would appreciate an estimate of how much taxes would have to immediately in 2038 to continue making all payments with no fund remaining.

Please suggest your favorite lines, with analysis.

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