There Still Is No Social Security Crisis: Truth About the 2012 Social Security Trustees Report

Excerpts:

There Still Is No Social Security Crisis

By Richard (RJ) Eskow, April 23, 2012

“‘Medicare and Social Security’ don’t have a long-term problem: Medicare has a problem. No amount of spin or double-talk can change that. This year’s slight downturn in Medicare and Social Security finances was caused by the financial crisis of 2008, as lost jobs and wages led to lost revenue for the program. And that disaster was caused by the deregulation of Wall Street, which was carried out the same bipartisan crowd that’s now pushing cuts to these programs … Now they want ordinary Americans to take a hit to both their Social Security and Medicare benefits. A Social Security cut would be needless and counterproductive, and the nation would be better served with a benefit increase … What’s more, since Social Security is forbidden by law from contributing to the deficit, it’s absurd to connect its financing to discussions of the Federal debt. Medicare’s another story. Unless we address the runaway cost of providing health care to seniors, our Federal budget and are entire economy are in dire trouble. Notice, however, that we said ‘address the runaway cost’ and not ‘shift the runaway cost,’ as the Republican proposal would do.”

,…, “Social Security is essentially healthy, and its long-term issues can be fixed by lifting the payroll tax cap.  A “Grand Bargain” to cut Social Security and Medicare will only make things worse. What we really need an overhaul of our health system to remove the corrosive effects of the profit motive on our medical economy – but they don’t want to talk about that.”

,…, “The report released today by the Trustees of the Social Security Administration has already occasioned some of the usual nonsense from the wealthy and highly-funded insider group represented by Clinton and his peers in both parties”.

Story:   

Centrist Theology Watch: Will the “Clinton Dems” Fail America and Ignore the Real Medicare Crisis?

Related:

“The Truth About the 2012 Social Security Trustees Report”

Strengthen Social Security explains “The Truth About the 2012 Social Security Trustees Report”: “The Social Security Trustees Report shows that our Social Security system works just as intended, even in difficult economic times. Unlike the banks, which nearly brought the economy to ruin, Social Security didn’t need a bailout. The most important fact revealed in the 2012 Trustees Report is that our Social Security system has a large and growing surplus.”

ObamaCare is strengthening Medicare, according to trustees’ report. TPM: “… the trustees believe the Affordable Care Act strengthened Medicare — and project, as they did last year, that the program won’t exhaust its hospital insurance trust fund until 2024. But there’s significant uncertainty surrounding that estimate.”

Jared Bernstein says the trustees report shows the need for economic growth: “The movements in the Social Security trust fund have been more of function of the economic and demographic assumptions … the best thing to do in the near term is everything we can to get the recession behind us and get back on a stronger growth path.”

2 responses

  1. […] There Still Is No Social Security Crisis: Truth About the 2012 Social Security Trustees Report […]

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  2. Mainstream, general purpose reporting on this issue has been characterized by ignorance, laziness, and innumeracy. My hometown newspaper, as “liberal” and as worker-friendly as any in the land, was surprised and uncomprehending when I told it that the bleak warnings of Social Security’s decline and exhaustion are but two of the Trustees’ three projections of the system’s future health. Responses by citizens to my published letters have been equally uncomprehending in addition to being marinated in misinformation, fear, and disdain for or hatred of retirees, the social safety net, FDR, equality, Obama, government, and anyone other than themselves who accepts a government benefit.

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