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Social Security deficit rises again. Ho, hum…

NOTE: “And like the CBO, the Trustees see a worsening picture for Social Security: last year they projected a 75-year deficit of 2.72% of payroll, while this year it’s up to 2.88%. That’s a mere $10.6 trillion in present value for anyone counting, up $1 trillion from a year ago.”

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Social Security deficit rises again. Ho, hum…

Andrew Biggs

July 30, 2014

American Enterprise Institute

http://www.aei-ideas.org/2014/07/social-security-deficit-rises-again-ho-hum/

Last week I reported on the CBO’s new projections for Social Security, which show a growing long-term deficit. Today it’s the Social Security Trustees turn, when they released their annual report on the program’s finances. And like the CBO, the Trustees see a worsening picture for Social Security: last year they projected a 75-year deficit of 2.72% of payroll, while this year it’s up to 2.88%. That’s a mere $10.6 trillion in present value for anyone counting, up $1 trillion from a year ago.

Biggs-729

While the CBO used to be progressives’ agency of choice with regard to Social Security – check out their projection for 2008 and you’ll know why – I bravely predict that they’ll now reference only the Social Security Trustees figures. It’s not as if the Trustees aren’t projecting a growing shortfall, but under their numbers the shortfall isn’t growing quite as fast. And for people who apparently are trying hard not to do anything to fix Social Security, that’s about the best place to hang your hat.

 

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