The Social Security “Crisis”
“The net PV of the shortfall in revenues over the next 75 years is $3.7 trillion [assuming a very cautious 1.6% growth rate of U.S. economy], only about 1/3rd of the NPV of the Bush tax cuts of 2001 and 2003.” Laura D’Andrea Tyson, Dean, London Business School, Business Week, 1/17/05.
“It really is that stark: Any [stock market] growth projection that would permit the stock returns the privatizers need to make their schemes work would put Social Security solidly in the black.” Paul Krugman, NY Times, 2/2/05.