Social Security And ABCBy Emelius at 9:01 PM
ABC News today chimed in on it's take on Social Security.
The only thing to argue here is whether "now" is the time to act. Actuaries agree that the existing pay-as-you-go formula — in which revenue collected from the payroll taxes of current workers pays the benefits of current retirees — will fund benefits at current levels through 2018. After that, there will be too few workers and too many retirees for payroll tax revenue to fully cover retiree benefits. But actuaries estimate there is enough money in the Social Security trust fund to make up the difference through 2042.