Social Security is only part of our financial dilemma. If you care about U.S. fiscal policy, the direction it's headed, and the future of our country, read this document and carefully review the chart. Under the set of assumptions used by the GAO, by 2040 the interest on the national debt would consume 100% of federal tax revenues from all sources.
Early action is essential. The longer we wait , the worse the problem becomes. Ironically, most of the people talking about this problem will be dead by then.
Here is the complete version of David Walker's prepared testimony for the House Ways and Means Committee.
"...Social Security’s problems are a subset of the grave fiscal challenge facing our nation. Absent changes in budget policy, the nation will ultimately have to choose among escalating federal deficits and debt, huge tax increases and/or dramatic budget cuts. As GAO’s long-term budget simulations show, substantive reform of Social Security and our major federal health programs (e.g., Medicare and Medicaid) is critical to saving our nation’s fiscal future."
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