Social Security Is Still Secure

From the AFL-CIO:

A closer look at the Social Security 2009 report shows the program continues to run large surpluses and remains capable of paying scheduled benefits in full for the next three decades. The trustees reaffirm that the Social Security system is sound and faces no immediate danger, says AFL-CIO President John Sweeney.

No doubt, Social Security alarmists and doomsday prognosticators will use these projections to justify dramatic “reforms” such as benefit cuts and raising the retirement age. However, the Social Security system remains structurally sound. Radical changes are not necessary to bridge short-term revenue decreases or to address the program’s long-term solvency.

According to the report, the recession has marginally reduced the size of the Old-Age, Survivors and Disability Insurance (OASDI) trust funds in the near term, but Social Security continues to run significant surpluses to meet its projected obligations for years to come.

Read more here.