“Social Security Debt up $6.8T”

“Social Security Debt up $6.8T,” by John C. Goodman, Goodman Institute

Quote:

“The Social Security Trustees just released their annual report on the system’s finances. The news is awful. Most people know that the system’s future benefit promises are greater than its future payroll tax (FICA) revenues. But how big is the difference — its fiscal gap, also called its unfunded liability? The answer – a terrifying $59.8 trillion – is buried deep in Appendix table VIF1. That’s over 2.5 times the size of the U.S. economy. Even more disturbing is the change since last year’s report. The system’s debt grew by $6.8 trillion.”

LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:

In one year, Social Security sinks in debt by twice the misbegotten $3.5 trillion Biden Build Back Bummer plan and Congress doesn’t have to lift a finger to spend it. How long can we spiral the fiscal/monetary drain?