One Wasted Year = $660 Billion

by Michael D. Tanner
Cato Institute

Here are two numbers to remember: $660 billion and 10 hours. Because of the failure to reform Social Security this year, the program's future unfunded obligations have increased by $660 billion. That amounts to a debt of more than $2,200 for every man, woman, and child in the United States. This comes on top of a previous unfunded obligation of $12.8 trillion. Yet this week, Senate Democrats used a parliamentary maneuver to prevent the Senate from scheduling just 10 hours of debate early next year on Social Security reform.