Social Security Has Enough Money To Expand Benefits Now, Trustee's Report Shows @alternet
"Social Security is projected to run a surplus again this year. And next year. And the year after that. And the year after that. These annual surpluses simply add to its large and growing accumulated surplus.
Over the next 5 years, Social Security has sufficient funds to pay every penny of benefits and every penny of associated administrative costs. That is true for the next 10 years. And also the next 15 years. Over the next 25 years, Social Security is projecting a modest shortfall of just .51 percent of GDP. Over the next 50 years, the projection is just 0.8 of GDP. And over the next 75 years, the shortfall is projected to be just 0.96 percent of GDP. Let's put those percentages in perspective. Military spending after the 9/11 terrorist attack increased 1.1 percent, of GDP. Spending on public education nationwide went up 2.8 percent of GDP between 1950 and 1975, when the baby boom generation showed up as school children.
The fact is that, as the richest nation in the world at the richest point in our history, not only can we afford the current levels of Social Security protections, we can afford to greatly expand Social Security."
