Fun Fact of the Day, July 12, 2018

July 12, 2018

LONG-TERM ISSUE - The estimated Social Security shortfall today (i.e., a present value number) between the future taxes anticipated bring collected and the future benefits expected to be paid out over the next 75 years is $13.2 trillion.  The entire $13.2 trillion deficit could be eliminated by either an immediate 2.78 percentage point increase in the combined Social Security payroll tax rate (from 12.40% to 15.18%) or an immediate 17% reduction in benefits that are paid out to current and future beneficiaries (source: Social Security Trustees).

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