PrintMarch 19, 2011
Social Security Isn't Broken?
Columnist Charles Krauthammer is right, of course. Social Security is a disgusting fraud. Yet of all the entitlements, Medicare, Medicaid, and Social Security, "Social Security is the most solvable." So it's a scandal that the Obama administration doesn't want to fix it.But Social Security isn't broken. When OMB Director Jacob Lew says that: "At the moment, we look out and we see it solidly funded until 2037, and we think it is important to make the commitment to current retirees and workers, who are future retirees, that the system will be sound," he is right. The simple fact is that Social Security payments are about 4.9 percent of GDP right now and they will rise to 6.2 percent of GDP by 2037 if nothing is done, according to the Congressional Budget Office. In the chart of the CBO Long Term Budget Outlook below, Social Security is the horizontal blue section. Medicare and Medicaid are the bright red section, the...(Read Full Article)
