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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 ...
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 ...
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 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.
In 2016, state and local governments owed $3 trillion and have another $5 trillion in unfunded liabilities. [21] State and local governments have significant financial assets, totaling $2.7 trillion in 2009. In 2009, these included $1.3 trillion in credit market debt (that is, debt owed by other sectors to state and local governments).
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 has two other funding sources: benefit taxes on some seniors and interest income earned on money in the program's trust funds. But both of those are in danger right now. The ...
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 ...