mickeyd
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Last week, the Congressional Budget Office released a report suggesting that there will be a slightly lower actuarial deficit and a later insolvency date than had been previously estimated by the Social Security Administration (search) itself.
Opponents of Social Security reform immediately seized on the reported improvement in Social Security's finances to argue against taking action to fix the program. Rep. Robert Matsui, D-Calif., said the report proves "radical reforms are unnecessary." Barbara Kennelly of the National Committee to Preserve Social Security (search) said, "It would be absurd for policy-makers to drastically alter the program based on those numbers."
But one wonders if these critics of reform actually bothered to read the report. If they had, they would have seen that CBO's analysis is simply more bad news for the nation's troubled retirement program.
Among the report's findings:
The report, which uses more optimistic technical assumptions than the Social Security Administration, indeed shows a tiny improvement in Social Security's fiscal outlook, albeit at the price of lower benefits. For example, under CBO's assumptions, Social Security will begin running a deficit by 2019, one year later than estimated by SSA. That hardly seems like something worth celebrating.
Opponents of Social Security reform immediately seized on the reported improvement in Social Security's finances to argue against taking action to fix the program. Rep. Robert Matsui, D-Calif., said the report proves "radical reforms are unnecessary." Barbara Kennelly of the National Committee to Preserve Social Security (search) said, "It would be absurd for policy-makers to drastically alter the program based on those numbers."
But one wonders if these critics of reform actually bothered to read the report. If they had, they would have seen that CBO's analysis is simply more bad news for the nation's troubled retirement program.
Among the report's findings:
The report, which uses more optimistic technical assumptions than the Social Security Administration, indeed shows a tiny improvement in Social Security's fiscal outlook, albeit at the price of lower benefits. For example, under CBO's assumptions, Social Security will begin running a deficit by 2019, one year later than estimated by SSA. That hardly seems like something worth celebrating.