General Discussion
In reply to the discussion: Stop it, stop saying Social Security needs reform, you are a Democrat, right? [View all]JDPriestly
(57,936 posts)Social Securitys expenditures exceeded non-interest income in 2010 and 2011, the first such occurrences since 1983, and the Trustees estimate that these expenditures will remain greater than non-interest income throughout the 75-year projection period. The deficit of non-interest income relative to expenditures was about $49 billion in 2010 and $45 billion in 2011, and the Trustees project that it will average about $66 billion between 2012 and 2018 before rising steeply as the economy slows after the recovery is complete and the number of beneficiaries continues to grow at a substantially faster rate than the number of covered workers.
Unless we improve wages and increase the number of jobs, no part of our economy will do well in the future.
Social Security is a red herring. It is a small part of the bigger picture in our economy. We have to raise the minimum wage and the cap on income subject to Social Security taxes.
We are enjoying greatly increased productivity. The benefits of the increase in productivity should be shared across all segments of our society and not just hoarded by those at the top. That would solve many of the economic problems that we have. We will still have to deal with a decline in the amount of natural resources and more expensive energy.