"The African American Stake in Soc Sec Reform"
Michael D. Tanner, Feb. 5, 2001, CATO
Yet Social Security is facing a financial crisis. Within 15 years, the program will begin running a deficit, spending more on benefits than it takes in through taxes. The Social Security Trust Fund, which is supposed to continue paying benefits until 2037, is really little more than a collection of IOU’s. Without an enormous tax increase, Social Security will not be able to pay all the benefits that have been promised. That would be devastating for African-American seniors.
Read more: www.cato.org
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Yet Social Security is facing a financial crisis. Within 15 years, the program will begin running a deficit, spending more on benefits than it takes in through taxes. The Social Security Trust Fund, which is supposed to continue paying benefits until 2037, is really little more than a collection of IOU’s. Without an enormous tax increase, Social Security will not be able to pay all the benefits that have been promised. That would be devastating for African-American seniors.
Read more: www.cato.org
Follow Larry Elder on Twitter
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