Quote

We must level with the people and explain to them that Social Security will first face funding problems in 2042 that can be fixed now with changes that do not undermine and ultimately drain from the entire program.

In my opinion, the president is right to address future funding, even though Social Security will show a surplus through 2018 and will not run out of funds until 2042.

I do not believe that the Social Security system is in crisis. The Social Security Administration itself recently reported that the system is able to pay full benefits as they are defined today until at least 2042.

The reason to deal with Social Security is that it is a system where we have a tradition and history of making sure it is solidly funded for 75 years. At the moment, we look out and we see it is solidly funded until 2037.

No matter how many times you say Social Security is broke, the reality is that Social Security's independent revenue stream and its Trust Fund's investments maintain the program's solvency until 2037, when it may begin to fall short.

It's not 2038 that Social Security is bankrupt. It's now.

Certainly Social Security needs to be reformed.

I think we'll build a consensus for action on Social Security reform which will reduce that long-term unfunded obligation and put the system on a sustainable basis.

Even the Congressional Budget Office and the Social Security trustees appointed by the president say that Social Security is financially sound, without any changes for the next 40 to 50 years.

Social Security is a promise that we cannot and must not break.