Another thing I have pointed out at this place….
Social Security is good shape….
And the better the Economy…The Better Social Security and Medicare are…..
And even more interesting…Immigrants actually are helping things…..
There is NO reason to cut these benefits drastically it appears …..
by Joan McCarter @ Daily Kos…..
The 2013 Trustees Report on the state of Social Security was released Friday, showing little change from last year’s report. The report covers both trust funds, the Disability Insurance (DI) trust fund and the Old-Age and the Survivors Insurance (OASI) trust fund. Bottom line, Social Security’s cumulative surplus is projected to be roughly $2.8 trillion in 2013, and will reach $2.9 trillion in 2020. That allows full benefits to be paid out until 2033, same as last year.
The slow economic recovery over the past year shows how closely Social Security is tied to the overall economy. Economic growth, higher employment, and wage growth strengthen the program and the economic gains made in the past year contribute to the stability of the program. Instead of focusing on cutting Social Security, President Obama and Congress should still be focusing on the economy. On jobs. Social Security doesn’t have to be slashed to be saved. The economy needs a full recovery for Social Security to be saved.
The most troubling aspect of the report is the disability program, which does need saving, and soon.
The disability insurance trust fund is projected to become depleted in 2016, after which the money coming in will cover only 80% of scheduled benefits. That strikes at some of the neediest Social Security beneficiaries and their families. The disability program has long been the most underfunded element of Social Security, and this deadline has been anticipated for years. In the past, similar shortfalls have been closed by reallocating payroll tax revenues and other income from the retirement to disability. That’s an appropriate short-term fix, but something more permanent is needed now.
But, like the positive Medicare report, here’s one more report showing that Social Security on the whole is not in crisis. Any politician or pundit who says otherwise is not telling the truth. It does not need to be cut to be saved……Share on Facebook