Social Security Forecasts Miscalculated By Over $1 Trillion (Is that how much they've stolen?)

Social Security Forecasts Miscalculated By Over $1 Trillion

According to new data compiled by researchers from Harvard and Dartmouth universities, the Social Security Administration’s actuarial projections over the last 15 years have been overly optimistic about the health of the program’s trust funds and missed the mark by over $1 trillion. “These biases are getting bigger and they are substantial. (Social Security) is going to be insolvent before everyone thinks,” said Gary King, co-author of the reports and director of Harvard’s Institute for Quantitative Social Science. He added that the SSA’s forecasts have been “systematically biased and overconfident.” According to the report, the SSA’s actuarial projections in the 1980s underestimated revenues and overestimated costs by $27 billion; in the 1990s, that figure was $200 billion. Now, in the first ten years after 2000, the forecasts overestimated revenue and underestimated costs to the total of $1 trillion. Read More