Comparing the Social Security Shortfall and the Cost of the Bush Tax Cuts

KATHY RUFFING – Social Security’s trustees recently reported that — over the next 75 years — Social Security will have a shortfall of 2.67 percent of taxable payroll, or 1 percent of Gross Domestic Product (GDP). That is, raising taxes by an average of 1 percent of GDP could put Social Security on a sound footing over 75 years. How does that compare with the stakes involved with extending President Bush’s tax cuts?