ntang (ntang) wrote,
ntang
ntang

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Thereisnocrisis.com


There  Is No Crisis: Protecting the Integrity of Social Security


I think that basically sums it up.

In case it doesn't, let me quote Time Magazine:

TIME's latest poll gives some indication of what Bush faces: 49% of respondents said they disapprove of the President's handling of Social Security, while only 40% said they approve. And that's before Bush has even put forward the details of his plan. Nonetheless, the President has begun his assault—personally and through a cadre of emissaries from Vice President Dick Cheney to Treasury Secretary John Snow—labeling Social Security a "crisis" that must be fixed. "First step," Bush told TIME last month, "is to make sure everybody understands we have a problem." The President last week surrounded himself with citizens ranging from children to an 80-year-old and warned that the Social Security system will be "flat bust, bankrupt" by the time workers in their 20s retire. As early as 2018, Bush said, "you're either going to have to raise the taxes of people or reduce the benefits." At another appearance intended to promote federal standards for testing high school students, Bush went off script to warn a group of teenagers, "The system will be bankrupt by the year 2040."

That sounds pretty scary—except that it's not true. What will actually happen in 2018, according to the Social Security trustees who oversee the program, is that the money paid out in benefits will begin to exceed the amount collected in taxes. And since Social Security will run a surplus until then (and has been running one for some time), it has billions available that it can tap to fill the gap. Even under conservative estimates, the system as it stands will have enough money to pay all its promised benefits until 2042 and most of its obligations for decades after.

Go check it out: http://www.thereisnocrisis.com/
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