August 22, 2014

Doomsday Scenario Draws Nearer for Social Security

April 29, 2012
St. Louis Post-Dispatch

Excerpt

How do we convince Congress to make those relatively small tweaks now? Josh Gordon, policy director at the bipartisan Concord Coalition, thinks the debate should focus on Social Security's negative cash flow instead of on a faraway insolvency date.

Social Security added $45 billion to the deficit last year, and that amount will rise sharply by the end of this decade as Baby Boomers retire. “It really is a federal budget urgency,” Gordon said. “If we wait 20 or 30 years to make changes, there will be too much debt growth.”