Social Security's $20 Trillion Time Bomb

Social Security’s trustees say the system needs only “modest changes.” In fact, the system is desperately broke.

The proof is buried deep in the trustees’ own 2012 report in a complex table, numbered IV.B6. Table IV.B6 is a long-run balance sheet for Social Security. It shows that the system’s $88.9 trillion in liabilities exceed its $68.4 trillion in assets by $20.5 trillion.

The $20.5 trillion fiscal gap separating Social Security’s liabilities and assets — its unfunded liability — is enormous; it is 1.4 times US gross domestic product and 34 times annual Social Security taxes

Read Full Article »
Comment
Show commentsHide Comments

Related Articles

Market Overview
Search Stock Quotes
Partner Videos