In light of the current Washington debate over extending the payroll tax cut for another year (or more?), I thought it would be a good time to look at the program payroll taxes fund: Social Security. Here are a few scary charts from the fantastic Kleiner Perkins’ USA Inc. analysis:
1. Time is not on the side of Social Security
2. Neither are demographics. We are getting older.
3. This is really the awful math of Social Security.
4. Yet the program has become more generous.
5. Each worker today has a much heavier burden.
Regarding the first chart, it is out of date as it was based on the 2010 Trustees’ report. The 2011 Trustees’ report has the (fictionally) combined OASDI “Trust Fund” remaining cash negative from 2009 through 2085.
Thanks for keeping the truth in front of us.
We need mandatory high school assemblies with this presented.