Saturday :: Jun 12, 2004

Social Security Isn't Doomed

by Mary

The 2004 Social Security Trustee Report due out this week shows that the Social Security program is stronger than previously projected and could be easily tweaked to be fully solvent for 75 years from now (which is the projected time period for which the Social Security program is reviewed yearly). In fact, Social Security will be fully solvent until 2042 even though back in 1994, the projections were that the program would run out by 2029. Why? Because the economic projections used are pessimistic and even after the slow economic growth in the Bush II era, the economy grew faster than projected back in 1994.

Perhaps now we can have a sensible discussion about Social Security instead of the radical "reform" that Bush advocates where his cronies could skim off a large percentage of the funds while leaving seniors to the wisdom/luck of their investments. (That is if he could have figured out how to pay for his privatization scheme.)

Mary :: 10:49 AM :: Comments (8) :: Digg It!