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Ratio of Workers to Soc. Sec. Recipients on the Decline
Wednesday, July 30th, 2008 | Social Security |
Ross Perot is back, and this time he knows HTML. I especially liked this chart, which illustrates the challenges in keeping Social Security solvent:
So in 1960 you’ve got four workers supporting each person on Social Security. Currently that ratio is down to 3 to 1. If current demographic trends continue by 2032 there will only be two workers for each Social Security recipient.
That ratio isn’t sustainable. Something’s gotta give. What makes it worse is what isn’t shown - Medicare/Medicaid. Those are uncapped entitlement programs with much higher combined liabilities than Social Security.
4 Comments to Ratio of Workers to Soc. Sec. Recipients on the Decline
“Something’s gotta give.”
Which our government will translate as “You taxpayers gotta give…us more money.”
They’ll try, especially with Social Security. At some point that no longer works. At 20% of GDP by 2056 there’ll no way to give any more.
November 26, 2008
[...] The system only really works when the population is steady or growing. Throw in a shrinking working population or a growing retirement population due to greater longevity and the ratio of workers to retirees becomes unsustainable. [...]
April 30, 2009
[...] Galbraith above notes that embezzlement also includes money not put in. That would include underfunded, over-generous public employee pensions and the great American ponzi schemes of Social Security and Medicare. [...]
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July 30, 2008