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Growth in Social Security Benefits vs. Wage Growth

IMG Auteur
Mish
Global Economic Analysis
Published : October 21st, 2013
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Category : Opinions and Analysis

I have an update from reader Tim Wallace on Social Security.

Hello Mish

I made new Social Security charts that show:

  1. Growth in percent from 1967 in average payout per month to those that receive social security
  2. Amount of money paid out to those that recieve social security per worker in the USA
  3. Average annual wages as presented in the Social Security systems "National Average Wage Index"

Senior citizens continue to receive all the benefits on the backs of the younger generations. By the way, I had to stop at 2011 as 2012 is not published yet.

Tim
Percentage Growth in Social Security Payments, Per Worker vs. Wage Growth



click on any chart for sharper image

Social Security Payments Per Worker


Demographics Says Path is Unsustainable

Clearly this payout trend is unsustainable, but what politician dare touch it?

Social Security is not that difficult a problem in theory (at least in comparison to Medicare), except for the politics of it all. Numerous things could be done to put the system in the green.

Possible Ways to Make Social Security Actuarially Sound

  1. Raise retirement age
  2. Raise or eliminate the cap on payroll taxes
  3. Cut benefits
  4. Collect Social Security on personal income
  5. Implement a Tiered Cap structure
  6. Means Testing


Democrats would oppose 1 and 3. Republicans might oppose all but 3. So, how does this mess end if politicians won't touch it?

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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Mish 13 abonnés
Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. He writes a global economics blog which has commentary 5-7 times a week. He also writes for the Daily Reckoning, Whiskey & Gunpowder, and has over 80 magazine and book cover credits. Visit http://www.sitkapacific.com
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