Scott Gottlieb, CPA


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Newsbytes
April 2003

Editor: Scott Gottlieb, CPA
Assistant editor: Susan A. Maffetone, CPA

Social Security Not Sustainable for the Long Term

 

Recently the news from The Social Security Board of Trustees was an unwelcome reminder to the many Americans that depend or will depend on Social Security in their latter years.

In the 2003 Annual Report to Congress, the Trustees announced:

The projected point at which tax revenues will fall below program costs comes in 2018 -- one year later than the estimate in last year’s report;
The projected point at which the trust funds will be exhausted comes in 2042 -- one year later than the estimate in last year’s report;
The projected actuarial deficit of taxable payroll over the 75-year long-range period is 1.92 percent -- larger than the 1.87 percent projected in last year’s report;
The Trust Funds would require another $3.5 trillion in today’s dollars, earning interest at Treasury rates, to pay all scheduled benefits over the next 75 years. This obligation grew $200 billion from last year.

"This report is yet another reminder of what we have known for some time: Social Security's long-term financing problems are very serious, and will not be fixed by wishful thinking alone," said Jo Anne Barnhart, Commissioner of Social Security.

The 2003 Trustees Report will be posted at www.socialsecurity.gov/OACT/TR/TR03 by Monday evening

 

 

 

 

 

 

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