News Release

Trustees’ Report Shows Social Security Rock Solid

The following analysts are available for interviews about the just-released Trustees’ report on Social Security and Medicare:

MARK WEISBROT
Co-author of Social Security: The Phony Crisis and co-director of the Center for Economic and Policy Research, Weisbrot said today: “Social Security is financially rock solid — something that one would never know from listening to politicians argue about who is going to ‘save’ the program. From what? This latest Trustees’ report shows that Social Security could be left on automatic pilot for the next 37 years and everyone would get every dollar of their promised benefits. Of course, it’s silly to make projections further out than that — economists cannot even forecast the federal budget surplus one year out within a margin of 80 percent. But for those who want to speculate about the science fiction future, the Trustees’ report also shows that the program’s shortfall over the next 75 years is considerably less than one percent of our national income. Is anyone really worried that people earning 50, 60 and 70 percent more than we do today might have to cough up this little bit more to support the elderly?”
More Information

DIANA ZUCKERMAN
Executive director of the National Center for Policy Research for Women and Families, Zuckerman said today: “The new report is great news for everyone, and especially women. It provides the reassurance that everyone needs, proving that Social Security and Medicare are remarkably solid programs that can withstand the burden of the retirement of the baby boomers, and even the boomers’ efforts to live forever. Of course, we still need to further strengthen the fiscal integrity of these programs, but it would be incredibly foolish to change the underlying structure of Social Security…. Personal, private accounts would be a very radical, unnecessary step and would benefit the wealthiest Americans — while not benefitting most women and families.”

JOHN HESS
A former reporter for the New York Times who is a policy analyst on economics and aging issues, Hess said today: “The notion that Medicare and Social Security are going broke has been a great hoax used repeatedly since 1975. Whole generations of Americans have been needlessly frightened into believing that these programs will not be there. This makes people sit still for things like raising the age when you receive Social Security benefits and cutting Medicare.”

For more information, contact at the Institute for Public Accuracy: Sam Husseini, (202) 347-0020 or (202) 332-5055