Joshua Bolten warns that today’s young workers are in danger of losing Social Security benefits
Joshua Bolten, the Office of Management and Budget Director, said today that the worker to beneficiary ratio has shrunk from 16 to 1 in 1950 to about 3 to 1 today. Bolten also said that by 2018 the Social Security system will begin to pay out in benefits more than it takes in in revenue and that by the time today’s young workers retire, the system will be bankrupt. (:35)
January 14, 2005
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