From Market Watch —
The Social Security actuaries project a program deficit over the next 75 years of 2.84% of taxable payrolls. As shown below, this deficit reflects the combination of rising costs and constant levels of income. The increasing costs are the result of a slow-growing labor force and the retirement of baby boomers, which raises the ratio of retirees to workers.
Social Security’s deficit can be eliminated either by bringing up the income rate or lowering the cost rate.
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