It has built up a $2.5 trillion surplus, largely in anticipation of the growing numbers of baby boomers who are beginning to claim Social Security benefits. It was always expected that this surplus would shrink over time, but it is clear that the steep recession has accelerated this decline. There clearly is a need to make some changes in the program to restore its long-term funding and spending balance. But there is no crisis in Social Security and no reason to scare the daylights out of the more than 50 million Americans who depend on the program's retirement and disability benefits.
Which begs the question: who is spreading the unfounded rumor that Social Security is in imminent danger of collapse? And why are they spreading it?
1 comment:
Show me that money, and I'll stop saying the system is bankrupt. Oh, its in Treasuries, you say? So the SS payments will be made, in part, out of general tax revenues or further debt obligations in coming years?
There is no lock box. You can ask Al Gore, and he will tell you the same thing.
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