On the recordApril 24, 1997
today the trustees of Medicare issued their report and also the trustees of Social Security issued their report. I think this is another indication that this country, has got to do something, if we are going to keep Social Security solvent, if we are going to keep Social Security available to not only existing retirees, but future retirees. In the report, the trustees estimated that the time that the Social Security Trust Fund was going to run out of money, the time that there was going to be less money coming in in taxes than was required for benefit payout would be 2012. And they also calculated a slight increase in their estimate of the tax increases necessary to keep Social Security solvent. One year ago, they estimated that it would take a tax increase of 2.19 percent of payroll. This year they are estimating that it is going to take a tax increase of 2.23 percent of payroll, slightly a worse condition.
Source
govinfo.gov
