Observations on life

Lying about Social Security; is it the way to further your cause?

The following are screenshots from a SocialSecurityWorks Facebook video. That organization promotes expanding Social Security. They are so one-sided that when I corrected misinformation on their page, they blocked my future comments. They grossly mislead seniors. They represent the worst of the political left. They are either ignorant of the subject or for whatever reason intentionally manipulate seniors and other Americans.

Neither of the statements below are factual and they are in direct conflict with what the Trustees said in their most recent report. Read what the Trustees said below. Does it sound like there are surpluses to spend or that the Trust is in such good shape?

From 2017 Trustees Report:

The Trustees also project that annual cost for the OASDI program will exceed non-interest income throughout the projection period, and will exceed total income beginning in 2022 under the intermediate assumptions. The projected hypothetical combined OASI and DI Trust Fund asset reserves increase through 2021, begin to decline in 2022, and become depleted and unable to pay scheduled benefits in full on a timely basis in 2034. At the time of depletion of these combined reserves, continuing income to the combined trust funds would be sufficient to pay 77 percent of scheduled benefits. Law- makers have a broad continuum of policy options that would close or reduce Social Security’s long-term financing shortfall. Cost estimates for many such policy options are available at http://www.ssa.gov/OACT/solvency/provisions/.

The Trustees recommend that lawmakers address the projected trust fund shortfalls in a timely way in order to phase in necessary changes gradually and give workers and beneficiaries time to adjust to them. Implementing changes sooner rather than later would allow more generations to share in the needed revenue increases or reductions in scheduled benefits and could preserve more trust fund reserves to help finance future benefits. Social Security will play a critical role in the lives of 62million beneficiaries and 173 million covered workers and their families in 2017. With informed dis- cussion, creative thinking, and timely legislative action, Social Security can continue to protect future generations.


1 reply »

  1. You miss the point. The left knows that it is political suicide to try to reduce entitlements. So, they recommend increase after increase. It is called buying votes.

    Similarly, I can confirm that there is no support for taking disciplined action to close the funding gap. That is, higher income taxpayers (whose taxes will dramatically exceed the benefits they will receive), typically prefer cuts in benefits. Lower income taxpayers and existing retirees, want to see benefits kept unchanged or improved – passing the bill on to current and future taxpayers.

    There is an equitable solution, one that would even satisfy the Social Security Works folks (even those who want to improve benefits) – but – because it is equitable, because it allows each worker to decide how he/she wants to close the funding gap – it will never receive appropriate consideration.


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