If you want to know what is wrong with our country, just read the following article from Cato Institute about the math, deception, and incompetence of America’s Social Security program. Why is not every American rising up and contacting his or her elected congressman and demanding fiscal sanity from our government?
Read here from Jagadeesh Gokhale, a senior fellow at Cato, the disheartening projection of our Social Security program. “A consistent and sizable worsening in Social Security’s finances during the last decade means that we now face a bigger economic challenge in sustaining a modicum of economic security for today’s and future generations of retirees, survivors, dependents and individuals with disabilities.” Cry for our children and grandchildren, thanks to us sound-asleep Americans.
The Social Security Trustees’ report was released in late July, and it shows the program’s finances to have worsened compared to last year — an unsurprising outcome since Congress has not enacted any changes to improve the program’s solvency.
A consistent and sizable worsening in Social Security’s finances during the last decade means that we now face a bigger economic challenge in sustaining a modicum of economic security for today’s and future generations of retirees, survivors, dependents and individuals with disabilities.
The Trustees’ latest report shows that the entire Old Age, Survivors’ and Disability Insurance (OASDI) program accrued an additional $1.8 trillion of unfunded obligations in present value during 2013 when future financial shortfalls are projected without any time limit.
Over just the next 75 years — a calculation that understates the system’s present valued funding shortfall — it increased by $1 trillion.
The OASDI trust funds’ claims on future Treasury tax receipts, however, increased by just $32 billion.
This comparison shows in terms of today’s dollars how exceptionally rapidly Social Security’s funding shortfall is growing over time.
Debbie Young, Editor-in-Chief
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