Who are you kidding. The figure is about 77% of promised beneifts. If that is OK, let's have 85% of promised benefits today. It is an absurdly dishonest argument.
What you call IOUs, investment professionals call cash-equivalents. Replacing them with cash only means that the system has a $24 trillion dollar shortfall. The Trust Fund is little more than economic parsley.
I have an answer for everything...you may not like the answer or it may not satisfy your curiosity..but it will still be an answer. ~ Kal'Stang
My mind and my heart are saying I'm in my twenties. My body is pointing at my mind and heart and laughing its ass off. ~ Kal'Stang
Trends in Mortality Differentials and Life Expectancy for Male Social Security Covered Workers, by Average Relative Earnings)
That means that proposals to raise the Social Security eligibility age works against low income workers, who need Social Security the most.the top half of the average relative earnings distribution has experienced faster mortality improvement than has the bottom half. Specifically, male Social Security–covered workers born in 1941 who had average relative earnings in the top half of the earnings distribution and who lived to age 60 would be expected to live 5.8 more years than their counterparts in the bottom half.
I read your threads which seems to all have a boner for Social Security, which has no crisis at hand.
"I never meant to say that the Conservatives are generally stupid. I meant to say that stupid people are generally Conservative. I believe that is so obviously and universally admitted a principle that I hardly think any gentleman will deny it." --J.S. Mill