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1992 Annual Report of the Social Security Board of Trustees

The report contains both good and bad news.

• The 1992 Annual Report of the Social Security Board of Trustees has been released, and it contains both good and bad news. First, the good news. In releasing the report, Health and Human Services Secretary Louis Sullivan stated: "[C]urrent projections indicate continued substantial growth of the [social security] trust funds over the next several decades, helping to ensure that social security can meet its financial commitments in the next century when today's younger workers become eligible for social security." However, the report also contains some bad news—the medicare fund "is severely out of balance" and will be depleted by the year 2009 (under optimistic assumptions ) or 2000 (under pessimistic assumptions). The report notes that four workers currently support every medicare recipient, and that this ratio will decrease to two workers supporting every medicare recipient ...

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Richard R. Hammar is an attorney, CPA and author specializing in legal and tax issues for churches and clergy.

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  • July 1, 1992

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