The 2012 Social Security Trustees Report, will be released soon. The findings are simple:
The most important take-away points from the 2012 Trustees Report will be that Social Security has a large and growing surplus; that without any Congressional action, Social Security will continue to pay benefits to America’s eligible working families for decades; and that with modest legislated increases in revenue, it will continue to pay those benefits for the next century and beyond.There is even a simple fix, to the modest deficit that will arrive in 2033(it is not an immediate problem):
Social Security’s projected long-range funding gap could be eliminated without cutting benefits, which are modest in size, yet crucial. Congress could eliminate Social Security’s entire projected shortfall, which amounts to around 0.8 percent of Gross Domestic Product (about the size of the Bush tax cuts going to the top two percent of the population), by raising the Social Security tax cap so that the 6 percent of workers who make more than $110,100 a year pay taxes on all of their wages, just like everyone else who makes less than that amount. This would guarantee full payment of Social Security benefits for the next 75 years and beyond. There are many other ways to address the projected shortfall without cutting benefits which are already very modest, averaging just $14,781 a year for retirees – less than is paid in a year of minimum wage work, yet vitally important. Two-thirds of seniors rely on Social Security for half or more of their incomes. The benefits are also vitally important to children and spouses of deceased workers, to workers who have sustained permanent and serious disabilities and to their families.Another couple of take - aways from this report;
1. When Paul Ryan tells you that Social Security is going broke: HE IS LYING!
2. To make sure Social Security remains solvent, GIVE TO ROB ZERBAN!