Social Sec in Worse Shape than Thought

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Quote:

New studies from Harvard and Dartmouth researchers find that the SSA's actuarial forecasts have been consistently overstating the financial health of the program's trust funds since 2000. "These biases are getting bigger and they are substantial," said Gary King, co-author of the studies and director of Harvard's Institute for Quantitative Social Science. "[Social Security] is going to be insolvent before everyone thinks."

We need to cut expenditures so that it will be around for Generation X and the Millennials that will pay the brunt of the benefits for the boomers through a rise in the tax rate and rise in wage bases.

Social Sec in Worse Shape than Thought