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Defining “Broke”

By ThinkProgress on February 8, 2005 at 1:01 pm

"Defining “Broke”"


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In his speech in Detroit, President Bush said, “Social Security will go broke when some of our youngsters get ready to retire, and that’s a fact.”

FACT: In 2042, enough new money will be coming in to pay between 73-80 percent of promised benefits. Even with this reduction, new retirees will still receive more money, in inflation-adjusted dollars, than today’s beneficiaries.

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