CONGRESSMAN NADLER -- 2 Questions
- Date: Tue, 1 Jun 1999 11:56:43 -0400 (EDT)
- From: Reese Stanton <rsstanton@aol.com>
- Subject: CONGRESSMAN NADLER -- 2 Questions
CONGRESSMAN NADLER:
Thanks for taking the time to answer my questions.
There is serious discussion that the Trust Fund is only a claim
on future government resources -- From 2014-2034 there is
some $7 TRILLION in benefit promises that cannot be financed
through current payroll taxes. Furthermore, the annual deficits
keep growing after that point.
QUSTION #1: If this is so, and we were to have a prolonged
spike in unemployment, from where does the government get the
money to redeem the trust fund to provide benefits?
QUESTION #2: If raising the taxable wage base only buys Social
Security a few years from a cash-flow perspective. What happens
then?
Thanks very much.