The system is now 32 percent underfunded. In other words, Social Security’s 12.4 percentage point payroll tax rate must be raised immediately and permanently by 32 percent, which is 4 cents out of every dollar we earn… The longer we wait, the higher the tax hike will have to be, which means the larger the fiscal damage our children will face. More
Kotlikoff: Social Security Deficit Just Increased by $6 Trillion
John C. Goodman is President of the Goodman Institute and Senior Fellow at The Independent Institute. His books include the soon-to-be-published updated edition of Priceless: Curing the Healthcare Crisis, the widely acclaimed A Better Choice: Healthcare Solutions for America, and New Way to Care: Social Protections that Put Families First. The Wall Street Journal and National Journal, among other media, have called him the “Father of Health Savings Accounts.”
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