Since the news has been so terrible lately, filled with reports of torture, death, foreclosure and financial disaster, all brought down on us by the Bush Administration, I’ve been loath to post anything lately, However, since there is good news out there, it’s time to post something to lift the spirits of progressives everywhere. This news from the financial pages of Yahoo, which really isn’t news unless you’ve not been paying attention to the details as I haven’t, should lift the spirits of young and old alike. Pass the word to your progressive politician. We don’t need no stinking Social Security “reform”
Reports that the Social Security system will soon run out of money have been greatly exaggerated.
As surely as day follows night, the annual report from the board of trustees of the OASDI fund (Old Age Survivors and Disability Insurance, otherwise known as Social Security) has brought forth alarms that the fund will run out of money in the not-too-distant future.
Although flush with cash now and over at least the next 10 years, the Social Security system is expected to gradually begin paying out more in benefits than it takes in from payroll taxes with the result that by 2041 its assets, in the words of the trustees, will be exhausted.
For those who look at only the summary page, this conclusion is nothing new. Indeed, the trustees have come to the same conclusion every year, the only exception being the year the fund is expected to run dry.
Guess what? Under the actuaries’ low cost projection, the Social Security system never runs out of money.
That said, you might ask the question why this more realistic projection has escaped politicians from both major parties.
I don't know why, but I can only theorize that it's because they haven’t taken the time to read the entire report, which is available on the system’s Website.