KenH
Well-Known Member
It’s Social Security’s Birthday - But How Many Happy Returns Will it Have Left?
"Social Security turns 89 today, providing an opportunity to review its accomplishments while taking a hard look at its future — including the need to put the federal government’s largest program on a sustainable path.
“Politicians of both major parties are quick to promise that they will not touch Social Security. If they truly mean that, they are condemning the program to an uncertain future of sudden and substantial benefit cuts in about 10 years when the combined Old-Age and Survivors Trust Fund (OASI) and Disability Trust Fund (DI) are projected to be depleted. Rejecting the Do Nothing Plan and enacting needed reforms to put the program on a sustainable path for the next 89 years or more is the best birthday present we could give to Social Security,” said Concord Coalition executive director Bob Bixby.
Social Security provides a vital floor of protection for retired and disabled workers, as well as their dependents and survivors. But the program, which had expenditures of $1.4 trillion last year, faces major challenges. It has been running annual cash deficits since 2010. Meanwhile, the system’s expanding gap between benefit payments and dedicated revenues will contribute to future federal budget deficits."
- rest of The Concord Coalition's press release at It’s Social Security’s Birthday - But How Many Happy Returns Will it Have Left? - The Concord Coalition
"Social Security turns 89 today, providing an opportunity to review its accomplishments while taking a hard look at its future — including the need to put the federal government’s largest program on a sustainable path.
“Politicians of both major parties are quick to promise that they will not touch Social Security. If they truly mean that, they are condemning the program to an uncertain future of sudden and substantial benefit cuts in about 10 years when the combined Old-Age and Survivors Trust Fund (OASI) and Disability Trust Fund (DI) are projected to be depleted. Rejecting the Do Nothing Plan and enacting needed reforms to put the program on a sustainable path for the next 89 years or more is the best birthday present we could give to Social Security,” said Concord Coalition executive director Bob Bixby.
Social Security provides a vital floor of protection for retired and disabled workers, as well as their dependents and survivors. But the program, which had expenditures of $1.4 trillion last year, faces major challenges. It has been running annual cash deficits since 2010. Meanwhile, the system’s expanding gap between benefit payments and dedicated revenues will contribute to future federal budget deficits."
- rest of The Concord Coalition's press release at It’s Social Security’s Birthday - But How Many Happy Returns Will it Have Left? - The Concord Coalition