Skip to main content

View Diary: A Baby Boomer on Social Security (75 comments)

Comment Preferences

  •  There is no SS funding crisis (2+ / 0-)
    Recommended by:
    Clem Yeobright, teacherken

    Not yet. Its funny how the so called SS crisis, it will be broke in 2033, the so called shortfall, roughly equals the jobs deficit, plus increasing what the min wage should be.

    The match up is uncanny. IIRC, in 2011 the CBO scored the 75 year long range shortfall as .6% of GDP.

    Well today we have a 15 trillion dollar economy, .6% is 90 billion.

    20 million jobs at 36k (median income for a male working full time year round) equals.......

    U6 unemployment is about 14.7%, Civilian workforce is 154 million so thats 23 million people.

     photo create20millionjobsFICA.png

    Here's a screen cap from the 2012 SST report, Trust Fund Ratios. See low cost scenario, OASIDI column.

     photo SStrustees2090-1.png

    The 2033 date is based on some unrealistic assumptions.

    There will be some data geeky dairies coming up in the blogathon, they will be interesting, if not boring.

    ...... Social Security blogathon March 25th thru March 29th. #HandsOffmySS FDR 9-23-33, "If we cannot do this one way, we will do it another way. But do it we will.

    by Roger Fox on Wed Mar 27, 2013 at 07:06:03 PM PDT

    [ Parent ]

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site