The sky isn't falling on Social Security

The sky isn't falling on Social Security

There are 1 comment on the The Oregonian story from May 12, 2012, titled The sky isn't falling on Social Security. In it, The Oregonian reports that:

Social Security Administration Commissioner Michael J. Astrue presides over one of the most financially sound areas of the federal government.

Join the discussion below, or Read more at The Oregonian.

Joe The Economist

Marietta, GA

#1 May 14, 2012
This article is filled with dodgy misrepresentation of what is in the Trustees Report.

For full disclosure, you should mention that your solutions will pull tax resources away from deficit control. If we raise payroll taxes, there is a cost. We can raise taxes to control the deficit. You idea is to fix Social Security by breaking everything else. It is irresponsible.

For full disclosure, you should mention that the Trustees have used some very optimistic assumptions. For example, SSA assumes that the insolvency in medicare will not affect Social Security funding. There is an impending insolvency in Disability. As we raise payroll taxes for these other programs - we will not be able to raise money for OAS. It is an absurd assumption.

For full disclosure the Trustees have never suggested that they "know" that the system will last until 2033. In fact, they have said the exact opposite. Even with optimistic assumptions, Social Security might be insolvent as early as 2028.

All of this assumes that the taxpayer will knowing accept failure. Based on US Census Data only 22% of voting aged Americans expect to be unaffected by the crisis in Social Security.


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