The Alliance has a new fact sheet out to clarify some facts about Social Security in light of the new National Commission on Fiscal Responsibility and Reform. The new commission was established by Executive Order to recommend how to balance the budget by 2015.
Sample morsels of good news:
- The 2009 Annual Report of the Board of Trustees stated that Social Security ran a surplus of $180 billion last year with a reserve of $2.4 trillion. This surplus is projected to reach $5.5 trillion by 2026. When you compare this amount with the tax cuts enacted under President George W. Bush from 2001 through 2006, which will cost $2.48 trillion over the 2001-2010 period, it becomes clear that the cause of our fiscal deficit is not Social Security.
- In its August 2009 forecast, the Congressional Budget Office said that full benefits can continue to be paid until 2043. These benefits are not excessive by any measure. In fact, they are quite modest: In 2009, average annual benefit was $13,800.
Download FactSheet-SocialSecurity-Executive Commission-Feb2010
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