Thanks for responding, Larry.

My understanding, however, is that the low-cost scenario actually looks better mainly as a result of changes in demographic projections: It relies on forecasts that fertility will rise and longevity will increase at a slower rate. Even on that scenario, Social Security starts running cash deficits in 2022. And the trustees don’t think it’s a very likely scenario: They don’t put it within the 95 percent confidence range of possible outcomes.