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.
Sentiment: POSITIVE
We are confronting a situation in which the Administration, in my view, is once again manufacturing a crisis. There is no crisis in the Social Security system. The system is not on the verge of bankruptcy.
While Social Security faces some long-term challenges, the system is not in crisis.
I do not believe that the Social Security system is in crisis.
The administration in my view is once again manufacturing a crisis. There is no crisis in the Social Security system. The system is not on the verge of bankruptcy.
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.
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.
President Bush is manufacturing a crisis by suggesting that Social Security is in imminent danger. It is not.
While it is clear that we need to make some adjustments to protect Social Security for the long term, it is disingenuous to say that the trust fund is facing a crisis.
Even without reforms, the Social Security fund will be able to meet 100 percent of its obligations until 2042.
It's not 2038 that Social Security is bankrupt. It's now.