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Florida Newspaper: Congress Fiddles as Social Security Burns
November 16th 10:16:56 AM
From the South Florida Sun-Sentinel:
"American lawmakers can't say they weren't forewarned about the
problems facing Social Security. Unfortunately, being forewarned
doesn't mean they'll do anything in a timely manner to fix a system
that's in severe financial trouble.
Indeed, Senate Finance Chairman Charles Grassley, R-Iowa, doubts
Congress will take any action until after President Bush is out of
office. That would mean 2009 at the earliest, which is just two years before the first of the Baby Boomers begin collecting full Social
Security benefits.
Under current projections, Social Security revenue during the next 75 years will fall $3.7 trillion short of what's needed to pay full
benefits. By 2018, Social Security will start paying out more than it takes in, and by 2042 it will have exhausted its reserves."
Read more...
Bush this year launched a major effort to reform Social Security by
establishing private accounts, but that initiative fell victim to
partisan politics, with most Democrats refusing to even consider such a reform.
The mid-term elections, just a year away, will preclude any
substantive debate on Social Security. Politicians don't want to
handle so hot a topic when their jobs are at stake. And if Grassley
is correct, Congress will be loath to touch the subject for two years after that.
The issue, however, won't disappear. Social Security is the backbone
of the American retirement system, and for many people it will be the only income they receive after they leave the workforce.
The political dithering on Capitol Hill amounts to a dereliction of
duty by those elected to act in the best interest of the American
people. Voters must demand action while there's still time to
implement effective changes to the nation's social insurance program.
BOTTOM LINE: Lawmakers need to get serious about Social Security
reform now, not in 2009.
Posted by Chris Schrimpf
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