Social Security - $20 trillion timebomb

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$20 trillion timebomb

$20 trillion timebomb

Social Security’s trustees say the system needs only “modest changes.” In fact, the system is desperately broke.

NY POST-

The proof is buried deep in the trustees’ own 2012 report in a complex table, numbered IV.B6. Table IV.B6 is a long-run balance sheet for Social Security. It shows that the system’s $88.9 trillion in liabilities exceed its $68.4 trillion in assets by $20.5 trillion.

The $20.5 trillion fiscal gap separating Social Security’s liabilities and assets — its unfunded liability — is enormous; it is 1.4 times US gross domestic product and 34 times annual Social Security taxes.

[NEW YORK POST]

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One Response to “$20 trillion timebomb”

  1. Sarah says:

    We can’t just let old folks die of starvation and homelessness can we? In the USA today maybe. At the risk of annoying anyone who is under the spell of strong propaganda – there is nearly 2 trillion per year “tax expenditures” (tax subsidies) that are given to the wealthiest Americans. Given, no real questions asked, simply because folks have no idea. Yet, this is just one example of money simply being starved out of SS. Yes, some of the wealthiest Americans are the same folks who are throwing you out of your houses and they are not interested in any basic social safety nets either.

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