Journal Article
What fiscal surplus?
Abstract: Proposals to shore up Social Security using future budget surpluses neglect to mention that Social Security itself produces these surpluses. Moreover, the projected budget surplus is dwarfed by Social Security's present shortfall of $7 trillion-$10 trillion, which consists of the benefits that living adults will receive minus their payroll tax payments. This shortfall represents an addition to living adults' wealth that has encouraged greater current consumption, lowered national saving, and widened trade deficits.
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Bibliographic Information
Provider: Federal Reserve Bank of Cleveland
Part of Series: Economic Commentary
Publication Date: 1998
Issue: Sep
Order Number: 2