Wednesday, March 23, 2005

When All Is Said And Done

The new Social Security Trustees' Report is out. This is all it would take? From Eschaton (03.23.05):
"Assuming the Trustees' intermediate assumptions are realized, the deficit of 1.92 percent of payroll indicates that financial adequacy of the program for the next 75 years could be restored if the Social Security payroll tax were immediately and permanently increased from its current level of 12.4 percent (combined employee-employer shares) to 14.32 percent." B. LONG-RANGE ESTIMATES
Assuming you're making $40,000, you're paying 6.4%, or $2480 each year. If the rate was bumped to 14.32%, you'd be paying 7.16%, or $2864 a year. This would be an increase of --- $32.00 a month. 'Bout a buck and a nickel a day, eh? Via Mr. Bradford Plumer (03.23.05):
"Notice anything? Look at the blue line! The long-term balance of the program has actually improved from last year to this year. Indeed, as the Trustees' report itself says, 'After 2030, however, the annual balances [for Social Security] in this year's report are larger.'" Social Security: Now Healthier Than Ever!

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