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Willisms

« The Carnival Of Revolutions. | WILLisms.com | Some Call It A Bonfire/Carnival Of Classiness... »

Trivia Tidbit Of The Day: Part 98 -- Social Security Shortfall.

SOCIAL SECURITY SHORTFALL-

In just 12 years - 2017 - Social Security won't have enough payroll taxes coming in to pay promised benefits. At that point, and for the next 24 years until 2041, the Social Security Administration will rely on covering the shortfall by redeeming the IOUs held by the Social Security Trust Fund.

These IOUs are special government bonds that, by law, the U.S. Treasury must redeem for cash. But, where will the money come from to pay off the IOU bonds? There is no money set aside to pay them.

So, to cover the shortfall, there are benefit cuts, tax hikes, or cutting other government programs equal to the shortfall. Here's what we could cut:

In the first year of Social Security's cash deficit - 2017 - the shortfall is estimated at $8.8 billion. Using the current cost of government programs, we'd have enough money to make up this shortfall if we eliminated funding for Head Start, the Labor Department's five worker protection programs and the Supreme Court.

By the following year, 2018, the shortfall triples to $26.4 billion. So, added to the first round of cuts, we'd have enough if Congress also eliminated the entire Environmental Protection Agency, the WIC or women, infants and children nutritional program, the National Park Service and the Federal Drug Administration.

In the third year, Congress could make up the additional deficit by also eliminating the FBI, the Centers for Disease Control and the State Department.

Within three more years, in the year 2022, the annual shortfall will be over $100 billion. This represents additional cuts comparable in size to the National Institutes of Health, the FAA, and $12 billion in Title I education grants to local agencies. And it gets worse every year.


Source:


Tim Penny and Leanne Abdnor
, both former members of the President's Commission to Strengthen Social Security, currently members of For Our Grandchildren.

Incidentally, current Minnesota Governor Tim Pawlenty, Republican, defeated Tim Penny in a three-way race in 2002.

---------------------------------


Previous trivia tidbits:

Part 1; Part 2; Part 3; Part 4; Part 5; Part 6; Part 7; Part 8; Part 9; Part 10; Part 11; Part 12; Part 13; Part 14; Part 15; Part 16; Part 17; Part 18; Part 19; Part 20; Part 21, Part 22; Part 23, Part 24, Part 25; Part 26; Part 27, Part 28; Part 29; Part 30, Part 31; Part 32; Part 33; Part 34; Part 35; Part 36; Part 37; Part 38; Part 39; Part 40; Part 41; Part 42; Part 43; Part 44; Part 45; Part 46; Part 47; Part 48; Part 49; Part 50; Part 51; Part 52; Part 53; Part 54; Part 55; Part 56; Part 57; Part 58; Part 59; Part 60; Part 61; Part 62; Part 63; Part 64; Part 65; Part 66; Part 67; Part 68; Part 69; Part 70; Part 71; Part 72; Part 73; Part 74; Part 75; Part 76; Part 77; Part 78; Part 79; Part 80; Part 81; Part 82; Part 83; Part 84; Part 85; Part 86; Part 87; Part 88; Part 89; Part 90; Part 91; Part 92; Part 93; Part 94; Part 95; Part 96; Part 97.

Daily Trivia Tidbits cover a wide range of topics, and they're usually not trivial at all; you never know what you might find. Stay tuned to WILLisms.com for more.

Have a trivia tidbit tip? Send it over to WILLisms@gmail.com.

Posted by Will Franklin · 5 July 2005 09:44 AM

Comments

But I thought there was not a crisis? Crisis? What crisis? There is nothing to see here...

Posted by: WunderKraut at July 5, 2005 12:23 PM

I'm curious, Will. Just how is it that once or twice a week you can pull out startling data and references that demonstrate just how high the cliff is that we're about to run off if we stay the course, but no one in the MSM seems to know about any of it? It's got me stumped.

Posted by: Giacomo at July 5, 2005 09:33 PM

He has always been this way!... He just knows...

Posted by: Zsa Zsa at July 6, 2005 09:01 AM