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Does anyone know of a reputable accurate Source regarding this vital issue ? If you know of a Link, please post it . Or just give us what youve heard lately . Thanks.
Does anyone know of a reputable accurate Source regarding this vital issue ? If you know of a Link, please post it . Or just give us what youve heard lately . Thanks.
There are no "facts" about how long Social Security will last, as that depends, among other things, on acts that may or may not be taken in the future. There are two significant projections of the future of Social Security as the program exists right now and under certain assumptions about what economic, demographic, and other variables are right now and how those will behave in the future. One is done annually by the Social Security Trustees, the other is done periodically by the Congressional Budget Office.
The projected date that people commonly focus on for no actual reason in particular is the date on which the current surplus being built up in the SS Trust Fund to cover the retirement benefits of the baby-boomers will be exhausted by actually paying the retirement benefits of the baby boomers. The SS Trustees currently project that date to occur in 2042. CBO in their recently released report projects that date to occur in 2049.
Projections are traditionally prepared using generally pessimistic assumptions, the theory being that one would rather err on the side of being too cautious than on the side of being not cautious enough. Both of these projections are based on pessimistic assumptions. There is very little chance that the date will actually occur before the date projected. There is a quite considerable chance that the date will actually occur after the date projected. For perspective, consider that the 1997 SS Trustees Report projected that the Trust Fund would be exhausted in 2029. Under only slightly less pessimistic assumptions than those that are currently used by SSA and CBO, the date will not occur until well into the second half of the century. Under some less pessimistic assumptions, it will not occur at all.
Last edited by saganista; 09-28-2008 at 12:24 PM..
Thanks alot for the sites and elaborating. In 2042 Ill be riping at 88 years old and I think i will have had enough of our Government and the World .. and be ready to check-out for something far better than S.S. ..lol... Regards.
Not yet...usually any mention at all of Social Security will bring out those who carry the Bush Privatization Virus with their usual disinformational claims. Perhaps they are all off watching football or something...
What 'standards' are you speaking of if i may ask. Thanks, Signed : The OP.
Read the Sticky, silly!
It is a DEBATE forum. You posted a general question. What is the debate point?
You could have said:
"I believe SS will only last until 2040. Some economists [insert reference here] agree with me, while many others [insert reference here] do not. Debate the merits of each view"
That is the type of topic I expect to see in this forum.
It is a DEBATE forum. You posted a general question. What is the debate point?
You could have said:
"I believe SS will only last until 2040. Some economists [insert reference here] agree with me, while many others [insert reference here] do not. Debate the merits of each view"
That is the type of topic I expect to see in this forum.
Cheers.
Semantics ; we ARE debating whether if it will last till 2042 . If you need it to be a politically correct introductory statement as you have put above, then fine, lets debate the merits of each view. I thought this Forum was an easy going informal Forum like the rest of CityData , and not a ToastMasters venue.
Let’s face it: security is an illusion.
Just like safety.
Depending on our Government is an illusion , thats for sure. What urks me is no one lives long enough in order to get all (or the majority) of ones S.S. theyve paid in , and, if you die as a Single person the Government keeps your stash ; instead, it should go to the deceased persons estate or at least a pre-designated charity.
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Let’s face it: security is an illusion.
