You said: Lets get the numbers right.
I am saying: I was citing *this* paper...
http://www.whitehouse.gov/infocus/social-security/200501/socialsecurity.pdf
Then I conclude with: The specific numbers aren't terribly important. The point we both are trying to make is the same. The load will be too great for the younger generations to bear.
A little better? 8-/
(And now I shall proofread!)
Good citation on the paper. That's one of the things I really like about threads on FR. Most of us are well educated and capable of tracking down supporting information for assertions we make in our commentary. This thread has clearly touched off some hot debate.
One issue omitted from the cited paper was discussion of pulling the caps off social security. Right now the FICA tax is assessed against all earnings upto just over $89000. Some lefties have suggested taking the cap off completely. That approach doesn't solve the problem. With the current cap and expected rates of retirement, the income and obligations are equal in 2018. Taking the cap off delays this date until 2024. Big deal. That is no solution.
The current cap does have some benefits to the economy. In my case, it means the SS taxes stop getting collected in September. It is money I have available to put back into the economy during the Christmas season.