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The Impact of Federal Deficits on the Social Security Contributions of Working Families in Los Angeles County
House Committee on Government Reform Special Investigations Division
House Committee on Government Reform
Special Investigations Division
Abstract
The Special Investigations Division of the House Committee on Oversight and Government Reform examines the impact of federal deficits and potential failure to repay Social Security trust funds on working families in Los Angeles County. It reveals that over the next decade, these families will contribute $196 billion to the trust funds, with nearly one-third, or $63 billion, borrowed by the government to cover current spending. Each worker in the county is projected to borrow over $15,000 from their contributions. Failure to repay these funds could lead to Social Security insolvency by 2017, jeopardizing retirement security for local families. The report attributes a significant portion of this borrowing to the 2001 tax legislation, highlighting its regressive wealth transfer from low- and middle-income families to the wealthy.
Date
2002-10-01
Document Type
House Minority Staff Report
Serial Number
Document Length
15 pages
Congress
107
Relation
DOI
Keywords
Staff Reports
PAP Major Code
13: Social Welfare
PAP Minor Code
1300: General
Related Hearings
Press Releases and Contextual Information
https://web.archive.org/web/20051024224246/http://www.democrats.reform.house.gov/story.asp?ID=169&Issue=Social+Security+