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Social Security is solvent through 2036

The Center For Economic And Policy Research (CEPR) cuts to the chase in response to recent comments by GOP Senator Lindsey Graham.

Graham opined to Congressional Quarterly that he thought that Social Security should be put on the table so Republicans can “save” it from bankruptcy.

The folks at CEPR couldn’t let that stand. In A Letter to Senator Graham on Social Security Comments
they respectfully correct him:

However, this is not the case. The Social Security trustees’ projections show that Social Security will maintain full solvency through the year 2036. Even if Congress never makes any changes to the program, Social Security will always be able to pay close to 80 percent of scheduled benefits from then on. This means that when you retire in 2021, you will receive $33,120 a year (in 2010 dollars). After 2036, you would still receive $24,840 a year in Social Security benefits for the rest of your life.

It is true that the long term problems of Social Security need to be addressed, but the fix is relatively minor.

Keep in mind that funds paid into Social Security are often raided by politicians of both parties for use in non-related projects.

Remember how Al Gore was mocked for wanting to create a “lock box” for Social Security?

Many conservatives have a long-standing hatred of Social Security, and want to do away with it — and that’s fine. But they should be honest about their goals.

And they should use actual facts when talking about the issue.

-Chris

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June 20, 2011 - Posted by | Uncategorized

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