Writing for The Hill’s Congress blog, Brenton Smith of Fix Social Security Now argues that
The details of the [2014 Social Security Trustees] report clearly show that the crisis in Social Security is not only deepening but widening as well.
The reasonable solvency of the system was reduced over the course of 2013 from 19 years to 18 years. This reduction means that for the first time in history on average someone retiring today at normal retirement age expects to outlive full benefits. Anyone who is 48 years old or younger roughly expects to retire after the system pays depleted benefits. This, believe it or not, is the good news.
The bad news is that the size of the crisis arriving in 2033 is growing rapidly. The report reveals that the unfunded liabilities now exceed the Gross Domestic Product of the entire county. The financing shortfall grew by $1.8 trillion. The growth means that Social Security created more than $2 of broken promises for every dollar that it collected ($855 Billion in 2013). The grand total of unfunded liabilities exceeds all revenue ever collected by the system since its inception.
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