The problem is that the number of workers to support each SS retiree is declining. In 1950, there were 16 workers paying Social Security taxes for every retired person receiving benefits. Today there are 3.3. By 2030, there will be only 2.
48 million Americans receive Social Security benefits, including 33 million retirees, 7 million survivors, and 8 million disabled workers.
By 2030, there will be 70 million Americans of retirement age--twice as many as today.
Social Security faces an unfunded liability of more than $12.8 trillion.
posted on 12/26/2005 1:03:28 PM PST
$12.8 trillion, huh? The total value of all goods and services produced by the entire national economy in the past year was $12 trillion dollars. Think about that in relation to SS's unfunded liability. Its more than an overpromise.
(Denny Crane: "I Don't Want To Socialize With A Pinko Liberal Democrat Commie. Say What You Like About Republicans. We Stick To Our Convictions. Even When We Know We're Dead Wrong.")
posted on 12/26/2005 1:13:24 PM PST
(In Memory Of A Dearly Beloved Friend Who Lives On In My Heart Forever)
In 1950, there were 16 workers paying Social Security taxes for every retired person receiving benefits.
We've also aborted 40+Million potential taxpayers... not to mention that women....since the 1950's have decided to have more career and less children....thanks to the Wimmen's lib movement.
BTW... wasn't the SS system supposed to be "temporary"?
posted on 12/26/2005 3:54:39 PM PST
(Don't mess with Texas wimmen!)
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