ENTITLEMENT BY THE NUMBERS …
We promise no hyperbole in this post. No “ticking time bomb” references. No irrational fear-mongering.
Just numbers …
According to the latest trustee report for Social Security, the massive entitlement program currently has “assets” of $2.79 trillion. Beginning in 2019, the money the fund pays out will exceed the money it takes in – meaning it will begin eating into that $2.79 trillion.
By 2035, the trust fund will be depleted – at which point Social Security will be compelled to either reduce benefits or raise taxes.
(Well … raise taxes again).
Anyway, those are the facts. Also, depending on which estimate you believe, Social Security has unfunded liabilities of $11.4 trillion or $32.1 trillion. Or higher.
Whichever of those estimates you choose … that’s a lot of money.
Where are the 2016 presidential candidates on this issue?
Democratic nominee Hillary Clinton has said she wants to expand Social Security – and pay for part of that expansion with a tax hike on “the highest-income Americans.”
GOP nominee Donald Trump hasn’t really offered up a plan – instead arguing that “the key to preserving Social Security is to have an economy that is robust and growing.”
“If we are able to sustain growth rates in GDP that we had as a result of the Kennedy and Reagan tax reforms, we will be able to secure Social Security for the future,” Trump said.
So there you have it. The numbers. The proposals (or non-proposals). And a total lack of pith on our part.
Seriously … we didn’t even play the “this website has consistently said” card, either. Although to be fair we have consistently said it.
Damn … couldn’t resist, could we?