The 2007 SS Trustee’s Report is Out…
Readers JackNYC and Bruce Webb point out that the new Social Security Trustee’s Annual Report is out. The summary is Trustee’s here, the full report is here.
I’m not the best person to discuss it, so I’m waiting patiently. I’m sure eventually Bruce and others will go through the numbers in detail and provide a report. Meanwhile, some details from JackNYC:
The projected point at which tax revenues will fall below program costs comes in 2017 — the same as the estimate in last year’s report.
The projected point at which the Trust Funds will be exhausted comes in 2041 — one year later than the projection in last year’s report.
The projected actuarial deficit over the 75-year long-range period is 1.95 percent of taxable payroll — .06 percentage point smaller than in last year’s report.
Over the 75-year period, the Trust Funds would require additional revenue equivalent to $4.7 trillion in today’s dollars to pay all scheduled benefits. This unfunded obligation is about $100 billion higher than the amount estimated last year.
Bruce Webb adds: “2007 productivity under Intermediate Cost 1.7%.”
Update. Reader coberly adds:
by the way, that $4.7 Trillion over seventy five years and 100 million workers, is 627 dollars per year per worker, or 12 dollars per week.
this is not 12 bucks for lattes. or tweve bucks into some government black hole. this is twelve bucks to pay for living 6 years longer on average.