Laurence J. Kotlikoff testifies before the House Committee on Ways and Means Social Security subcommittee on the state of the program. I don’t agree with all his conclusions, but I definitely agree that the program’s finances are in far worse shape than is commonly understood. “To pay its scheduled benefits in full through time, the Social Security system needs a 32 percent immediate and permanent increase in the future path of payroll tax revenues. Based on the current covered earnings ceiling, this represents a 4-cent-on-the-covered-dollar higher payroll tax starting today and continuing forever. . . . Social Security is in dire financial shape.” Kotlikoff was the first guest featured on my podcast The Debt Dialogues, which you can check out here.
from Ayn Rand Institute - Blog http://bit.ly/USfjMK
from Ayn Rand Institute - Blog http://bit.ly/USfjMK
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