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Please cite a reputable source for this assertion of "impending insolvency".
I've already posted a very credible source (Social Security Trustees Report) that shows quite the contrary.
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How about
that very same Social Security Trustees Report? Per WR's link in post #13:
- Figure II.D6 shows that SS will become a drain on Federal coffers starting in 2018.
- Even if the tooth fairy pays back the imaginary SS trust fund bonds, the Figure II.D2 shows that in 2042, we'll need to increase payroll taxes by 5% of gross
to start with in order to make scheduled payments.
- Or there's my favorite quote, which doesn't have much bearing for me, but should be a real eye-opener for anyone with young children or grand-children: "Through the end of 2078, the combined funds have a present-value unfunded obligation of
$3.7 trillion." (emphasis added)
- And for those who think the ship will eventually right itself after capsizing under the weight of the baby-boomers, "extending the horizon beyond 75 years continues to increase the unfunded obligation".
- And if one does a little digging, Figure VI.E1 shows better/worse scenarios, and it's 90% probably that the tooth fairy will go broke not later than 2055, or for those of us in the real world, 90% probable that we'll start hemorraging cash sometime before 2019. (Or given political standard operating procedures, selling our great-Great-grandchildren into slavery, since the greats are already sold.)
I can't call you a liar because nobody has bothered to define "impending", but implying that that report says everything is fine and dandy is certainly misleading at best.