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|the New Social Security System: Less Costly than the Old|
The Washington Times via Cato Institute
Oct. 14, 2004
Excerpt: To compare the two systems' costs, let's first assume that Social Security is not reformed. According to Social Security's Trustees, this would lead to payroll taxes being insufficient to pay all benefits by about 2018. [T]he government at that time borrows the difference so that all benefits are honored. Such borrowing would continue through 2078 and then well beyond because the demographic trends which cause the imbalance are well established and not subject to ... change.
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