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The day of reckoning looms: A new report from Social Security has raised its predicted unfunded liabilities over the next 75 years by one trillion dollars, for a total of $9.6 trillion.
According to the report, “Through the end of 2087, the combined funds [OASI and DI] have a present-value unfunded obligation of $9.6 trillion.” That is “$1.0 trillion more than the measured level of $8.6 trillion a year ago,” states the report, in reference to the data available for 2011. That $9.6 trillion shortfall equals approximately $83,894 per household based on the Census Bureau’s latest estimate that there are 114,430,000 households in the country.
The report also looks farther into the future and saw the shortfall rise to $23 trillion.