Social Security “Shortfall” Remarkably Similar to Cost of Wars in Iraq and Afghanistan
The myth is that somehow there is a Social Security “crisis” because the program is merely fully funded for roughly the next 29 years and after that point the amount of revenue brought in by the payroll tax will be about 20 percent less than the value of benefits meant to be paid out.
The CBO projects this annual gap in 2060 will be equal to 1.1 percent of GDP (PDF). Let’s leave aside the absurdity that it is possible to project with any accuracy 50 years in the future.
By comparison, the amount we are spending each year (PDF) on the wars in Iraq and Afghanistan is also basically equal to 1.1 percent of GDP.
Amazingly, the “serious people” are far more concerned with the possible budget shortfall of Social Security some 30 years in the future than they are with the actual deficit problem being caused right now by the highly unpopular wars.