If I recall correctly in 2011 the CBO scored the Social Security shortfall over 75 years as .6% of GDP. To illustrate this point, I'm going to do a little math on my droid calculator. In a 15 trillion dollar economy .6% equals 90 billion. If we create 20 million jobs, at $36,000 per year, thats $4464 in FICA each person will pay, each year. $4464 times 20 million is 89.2 billion dollars. Nearly a match.
If we do nothing but create jobs for those who are looking for full time year round work, we will help to see Social Security solvent thru 2090. The Boomers will be long dead around 2050-2060, so they won't be collecting benefits in 2090.
Again, there is nothing wrong with Social Security that a good economy wont fix. When I say good economy I mean one with lessening income disparity, wage growth equal to or better than inflation. A good economy means keeping unemployment low, 4-5%. I mean raising the minimum wage in a timely fashion.
As we approach the week of the Social Security Defenders blogathon March 25-29, please share these graphics on Facebook and Twitter: