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Another Year Of Kicking The Social Security “Can Down The Road”

- May 31, 2013

Obama Has Failed To Secure Social Security For The Long-Term

NOW: Like Last Year, Social Security Is Expected To Dry Up In 2033. “Meanwhile, the trustees kept their projections for Social Security programs unchanged. They continue to estimate that the Social Security Disability Insurance trust fund will exhaust its reserves in 2016 and the other Social Security trust fund that pays benefits for retirees will pay full benefits until 2035. If the two Social Security trust funds were combined by Congress, the trust funds would continue to pay benefits until 2033.” (Damian Paletta and Louise Radnofsky, “Medicare Trustees Dial Back Funding Concerns,” The Wall Street Journal, 5/31/13)

  • Social Security Benefits Will Be Cut By 20 To 30 Percent Once The Trust Funds Are Exhausted. “Once the trust funds' reserves are exhausted, benefits will continue to be paid but they will be cut between 20% and 30%.” (Damian Paletta and Louise Radnofsky, “Medicare Trustees Dial Back Funding Concerns,” The Wall Street Journal, 5/31/13)
  • In 2012, Medicare Trustees Predicted That Social Security Is Predicted To “Run Dry” In 2033, Three Years Earlier Than Last Year’s Projection. “The trustees who oversee Social Security say the program’s trust funds will now run dry in 2033. Medicare’s finances have stabilized but the program’s hospital insurance fund is still projected to run out of money in 2024.” (Stephen Ohlemacher, “Poor Economy Worsens Social Security’s Finances,” The Associated Press, 4/23/12)

THEN: President-Elect Obama In 2009: “What We Have Done Is Kicked This Can Down The Road. We Are Now At The End Of The Road And Are Not In A Position To Kick It Any Further.” (Michael D. Shear, “Obama Pledges Entitlement Reform,” The Washington Post, 1/16/09)

  • Obama Said He Would Solve The Insolvency Of Our Entitlement Programs On His Watch. OBAMA: “We have to signal seriousness in this by making sure some of the hard decisions are made under my watch, not someone else's.” (Michael D. Shear, “Obama Pledges Entitlement Reform,” The Washington Post, 1/16/09)

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