July 07, 2011
The facts about Social Security
Dean Baker, co-director of the Center for Economic and Policy Research (CEPR), exposes all the myths and lies about Social Security being in crisis and requiring a radical overhaul.
Fortunately, the program is fundamentally solid. While you can sound really smart in Washington by saying that Social Security is going bankrupt, the facts say the opposite. According to the Social Security trustees' report, if we did absolutely nothing the program could pay every penny of scheduled benefits through the year 2036.
Even if we never did anything, Social Security could always pay near 80 percent of scheduled benefits.
Social Security is a great program that does exactly what it was supposed to do. It provides a core retirement income as well as insurance against disability and support for survivors. It has extremely low administrative costs and little fraud. The only problem is the politicians who say they want to save it.