Posted: Wed Aug 22, 2007 1:05 am Post subject: U.S. Social Security's Solvency
Will Social Security in the U.S. remain solvent for the upcoming generations? I've been paying Social Security taxes for a couple years now, and I wonder if I'll ever see that money when I retire, given the current direction Social Security is heading in. There's an impending crisis, and politicians are doing nothing about it. They use the SS surplus for general spending needs within the federal budget, and aren't taking any measures to save the program, other than Bush's radical whack-job idea about diverting current tax payer's contributions into private investment accounts, thus eliminating the "social" aspect of it, and the "secure" aspect of it. That would do away with the funding crisis, but it would also require that the government borrow $2 trillion to meet current retiree's needs. That's the equivalent of 1/6 of our GDP! So what do you think is going to happen? Are we going to have benefit cuts or tax hikes in the future? Will immigration solve the problem? What's most likely to happen if you had to predict? I think immigration will alleviate a lot of the projected shortfall, and small tax hikes might be needed along the way.
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