a single man earning the average wage in his working life and retiring in 2010 at age 65 will have paid $294,000 in lifetime Social Security taxes and can expect to receive $265,000 in lifetime Social Security benefits.* Not what you’d call a heckova deal.
The government added $5.3 trillion in new financial obligations in 2010, largely for retirement programs such as Medicare and Social Security. That brings to a record $61.6 trillion the total of financial promises not paid for.
Our country is not being honest with itself about the amount of money we owe. Politicians are not being honest. The deficit is dramatically higher than is commonly reported because these unpaid financial obligations for social security, medicare, and other programs continue to pile up.