Kotlikoff: Social Security is Broke

by | Sep 10, 2016 | Media

Social Security is not going broke. It’s already broke.

The system’s unfunded liability is $32 trillion, an amount equal to 32 percent of the present value of the system’s projected taxes. This means Social Security is 32 percent underfunded. In comparison, Detroit’s pensions were only 20 percent underfunded before they helped drive the city into bankruptcy. More