Tag: Social Security trust fund
“Unless we act now,” President Jimmy Carter warned in 1977, Social Security’s retirement trust fund will run out of money in 1983. That statement triggered several reforms that put the program on a firmer footing. Social Security is once again nearing a critical point. The day of reckoning is expected to come in 2033 if…
We know what we are dealing with, and can take steps to address it. The key metric used to summarize Social Security’s financial status is the 75-year deficit. This number is the present discounted value of scheduled taxes (plus the existing trust fund) minus the present discounted value of scheduled benefits divided by the present…
