NU Online News Service, June 16, 2004, 7:38 p.m. EDT – Making relatively small adjustments in Social Security taxes and benefits obligations today could make life much easier for government officials in the 2040s.[@@]
David Walker, the comptroller general of the United States, made that plea Tuesday at a hearing of the U.S. Senate Special Committee on Aging.
Some think tanks that oppose privatization of Social Security say new projections show that the Social Security trust fund is stronger than previously suggested and that the Social Security program should remain solvent for at least 75 years.
But Walker said letting Social Security empty the trust fund in 75 years will cause huge problems for the country in 2080 because, in 2080, the government would have to come up with a huge amount of cash to cover the cost of maintaining Social Security benefits payments.
Current projections show that “the program’s financial imbalance gets worse in the 76th and each subsequent year,” Walker said, according to a written version of his remarks.
Technology, stronger economic growth and other factors could make the Social Security trust fund do better than expected.