GAO Warns of Social Security Cuts

Social Security benefits promised to retirees would have to be cut by nearly a third by 2039 if no changes are made to the system to keep it afloat, congressional investigators said Tuesday

To avoid cuts in benefits, payroll taxes would have to be raised 46 percent to restore financial solvency to the system, the report said.

The sooner Congress addresses the inevitable decline in Social Security revenue when baby boomers begin retiring in five years, the easier it will be for future generations to keep the system afloat.

Remember Gore's "lock box" that everyone laughed at and Bush threw away?