Re:USA Facts – Federal, state, and local data from governmen...
by dragontamer on Tuesday April 18, 2017 @05:29PM
(#14143107)
> My second takeaway at a glance is the giant problem that is Social Security. It's been said over and over, and the aggregation of more data into charts comes to the same conclusion. The way Social Security works is not sustainable. Period. Something has to give. A $405 B shortfall on SS in 2015. If that was at least half, we would actually not be running a deficit. We would have a budget surplus if we actually made Social Security/other Gov. retirement program replacement actually sustain itself perpetually. What. A. Concept.
We've literally spent the last 30 years building up the Social Security Trust Fund.
We have just under $3 TRILLION saved up for the expected social security shortfall. People are living a bit longer than expected, so we're a bit short on money.
But the USA has run a social security SURPLUS from between 1980 through 2014. Believe it or not, the US Government is actually very long-term thinking and we are somewhat prepared for the future.
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Yes, so thank Jimmy Carter in 1977 for coming up with the idea to save money for 2010+. The "Baby Boomers" are now retiring, so its natural for us to lose money until the Baby Boomers die out. The question is if the Trust Fund can last long enough (ie: until enough Boomers die)
We've literally spent the last 30 years building up the Social Security Trust Fund.
We have just under $3 TRILLION saved up for the expected social security shortfall. People are living a bit longer than expected, so we're a bit short on money.
But the USA has run a social security SURPLUS from between 1980 through 2014. Believe it or not, the US Government is actually very long-term thinking and we are somewhat prepared for the future.
------------
Yes, so thank Jimmy Carter in 1977 for coming up with the idea to save money for 2010+. The "Baby Boomers" are now retiring, so its natural for us to lose money until the Baby Boomers die out. The question is if the Trust Fund can last long enough (ie: until enough Boomers die)