The Facts:
The Social Security Administration predicts the program will be able to fully pay all promised benefits through 2042, when most baby boomers will be dead--even using pessimistic assumptions about future economic growth. Annual productivity growth is forecast by SSA at only 1.6 percent through 2078; in the years 1913-1990 (including the Great Depression), it grew by about 2.3 percent, a rate that would more than wipe out any future shortfall (2004 Social Security Trustees' Report; The World Economy, OECD, 2001).
But for most of the media, no such context is allowed. The sole economic expert who appeared on ABC was David John of the right-wing Heritage Foundation, who likened the situation to a "horror movie." The Washington Post's Dana Milbank chided a Social Security commissioner for "whistling past the graveyard of entitlement insolvency" because he had the temerity to say, "There's no reason to have any immediate panic."
2007-10-19
13:08:24
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17 answers
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asked by
Richard V
6