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“Social Security is broke beyond belief,” Laurence Kotlikoff told The Brink, Boston University's research news website. “Its unfunded liability is $65.9 trillion — twice the size of ...
Increasing the Social Security payroll tax: This is the tax all workers pay on their income up to an inflation-adjusted ceiling ($168,600 in 2024). This meant workers took home less money each year.
The CRFB noted that when Social Security’s long-term projections are calculated, it is assumed this $2.8 trillion will be repaid, so this borrowing from the program’s trust fund isn’t the ...
The number of Social Security program recipients is expected to increase from 44 million in 2010 to 73 million in 2030. [17] The present value of unfunded obligations under Social Security as of August 2010 was approximately $5.4 trillion.
The present value of unfunded obligations under Social Security was approximately $11.4 trillion over a 75-year forecast period (2016–2090). In other words, that amount would have to be set aside in 2016 so that the principal and interest would cover the shortfall for 75 years.
Social Security Fairness Act of 2019 S. 560: February 14, 2019 Sherrod Brown (D-OH) 38 Died in committee 117th Congress: Social Security Fairness Act of 2021 H.R. 82: January 4, 2021 Rodney Davis (R-IL) 305 Died in committee S. 1302: April 22, 2021 Sherrod Brown (D-OH) 42 Died in committee 118th Congress: Social Security Fairness Act of 2023 H ...
The Illinois Commission on Government Forecasting and Accountability reports the latest unfunded liability is $143.7 billion. That’s $1.5 billion higher than last year and the second highest ...
The budget deficit section highlights the 53 trillion dollars in unfunded benefits (medicare, medicaid and social security) that will come due and can only be paid by tripling taxes or cutting all government spending except for that to those programs.