Social Security turns 75

[Peasie]

On its 75th birthday, Social Security is financially sound through 2036, and modest increases in revenue can close the shortfall expected in 2037, a new analysis by EPI President Lawrence Mishel, EPI economist Monique Morrissey, and former Chief Actuary of Social Security Harry C. Ballantyne finds. Furthermore, Social Security cannot add to public debt over the long term because it is prohibited from borrowing. In Social Security and the Federal Deficit, the authors find that if no changes are made, then beginning around 2037, benefits will be reduced. But modest increases in revenue can close the expected shortfall and preserve full benefits.

In response to a Washington Post editorial that criticized the EPI report, Mishel stood by the analysis in a statement and in a letter that challenged the Post’s position that restoring long-term solvency requires benefit cuts. “This is wrong as a matter of mathematics and morality, too,” Mishel wrote. “Given that benefits average a meager $14,000 a year, with millions of seniors receiving even less, there is really no room to reduce the typical recipient’s benefits. The typical senior on Social Security relies on the program for more than half of her income, so any substantial cut will cause hardship for millions of people.”

Source: EPI

[halfwaytree]

Re: Social Security turns 75

All I know is that I'm not relying on the government for a thing. My generation will get squat.

[Dr.Dudd]

Re: Social Security turns 75

And private enterprise is the more secure alternative eh??!?<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Curmudgeon_Milo</div><div class="ubbcode-body">All I know is that I'm not relying on the government for a thinag. My generation will get squat. </div></div>

[RichD]

Re: Social Security turns 75

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Curmudgeon_Milo</div><div class="ubbcode-body">All I know is that I'm not relying on the government for a thing. My generation will get squat. </div></div> it was my understanding that the changes they have made to CPP has put it on solid footing..have you heard different?

[Ephratahe]

Re: Social Security turns 75

When I heard this, I wasn't sure whether to rejoice or cry. I read an article in the NYT that swears that social security is safe and isn't in jeopardy, but I've also heard that the government had been borrowing against it for years. By law, the age of eligibility for SS will continue to increase with the passage of time, which means that most of us will be long dead before we can ever collect - and this makes me more than a little steamed.

Fact: Those clamoring for an increase in age are usually wealthy and of a particular persuasion, rely on social security only marginally, if at all, and ten to comprise the top 2% of the population whose earnings are things of champagne and caviar dreams.

I'll still say congrats SS, but just wanna add that when I become eligible donkey years from now (if mi life spare an' mi live dat lang ), I'd better be collecting something

[Dr.Dudd]

Re: Social Security turns 75

The goal behind it is to distract from their goal of gradually reducing the incomes of the workers.
So That they can Continue justify their enormous incomes to maintain the gdp.
Since the authorities are not willing to accept lower gdp.

And the business sector erroneously believe They can artificially maintain the group by Increasing their profits while reducing wages to workers.

The effect is lower incomes which to lower inputs to social security, Medicare, taxes, and purchasing power of the workers.

Do it is not That They don't the solutions.

It is more about foolish g the population like They have been doing for centuries.
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: ephra</div><div class="ubbcode-body">When I heard this, I wasn't sure whether to rejoice or cry. I read an article in the NYT that swears that social security is safe and isn't in jeopardy, but I've also heard that the government had been borrowing against it for years. By law, the age of eligibility for SS will continue to increase with the passage of time, which means that most of us will be long dead before we can ever collect - and this makes me more than a little steamed.

Fact: Those clamoring for an increase in age are usually wealthy and of a particular persuasion, rely on social security only marginally, if at all, and ten to comprise the top 2% of the population whose earnings are things of champagne and caviar dreams.

I'll still say congrats SS, but just wanna add that when I become eligible donkey years from now (if mi life spare an' mi live dat lang ), I'd better be collecting something </div></div>