BEATING A DEAD HORSE….At the end of a post where he freaks out over a preposterously inappropriate way of measuring the federal deficit, Andrew Sullivan says this:
I also noticed in my latest letter from the Social Security Administration that, as currently configured, I’ll get 76 percent of what I’m due if and when I retire. My bet is that it will turn out to be less than half. The boomers are going to hog all of it for themselves.
Please. Just stop it. Assuming Wikipedia has his age right, Andrew will turn 65 in 2028. Even if we do absolutely nothing, CBO estimates that Social Security will pay out full benefits at least until 2053. Andrew will be 90 years old at that point. What’s more, a very modest tax increase starting a decade from now combined with a very modest slowdown in benefit growth will keep the system solvent forever.
This is grade school arithmetic, and the basic data is available with no more than a few minutes of googling. Can we please knock off the scaremongering on this subject?