Alarmists' Claims Are Unjustified, But Action Is Needed to Restore Long-Term Solvency
By Kathy Ruffing and Paul N. Van de Water
"In recent weeks, several analysts, journalists, and legislators have sounded an alarm about the effect of the current recession on Social Security's near-term prospects, which has fostered an impression that the program may face serious problems in the next few years. Fortunately, this is not the case.
The recession has affected the system's finances, and the next report of the Social Security Trustees...is expected to show some deterioration in the program's financial outlook. But Social Security faces no immediate threat. The program continues to run large surpluses and remains capable of paying scheduled benefits in full for the next three decades or so."
Note: The Social Security Board of Trustees will soon release its annual report. The Center plans to issue an analysis of that report at that time.
http://www.cbpp.org/cms/index.cfm?fa=view&id=2793
http://www.cbpp.org/files/4-21-09socsec.pdf 4pp.
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