Social Security is not going broke. It’s already broke.
The system’s unfunded liability is $32 trillion, an amount equal to 32 percent of the present value of the system’s projected taxes. This means Social Security is 32 percent underfunded. In comparison, Detroit’s pensions were only 20 percent underfunded before they helped drive the city into bankruptcy. More
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.”
0 Comments