Is Social Security Really On The Brink Of Collapse?

12/02/10 Robert Lorei
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The White House panel on reducing the deficit has released its final report calling for widespread cuts to Social Security and Medicare. Panel co-chairs Erskine Bowles and Alan Simpson want to gradually raise the retirement age for Social Security to 69 by 2075, decrease the cost of living benefits for Social Security recipients, impose new limits on the Medicare health insurance program, and end several middle-class tax breaks while reducing income taxes for corporations. The panel will hold a vote tomorrow on whether to send the recommendations to Congress.

To talk to us about the future of Social Security and whether it's in immediate danger is Nancy Altman who is co-chair of a national group called Strengthen Social Security.

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Which deficit???

Hold-up guys… according to Title XIII, Sec. 13301(a), Nov. 5, 1990, 104Stat. 1388-623, EXCLUSION OF SOCIAL SECURITY FROM ALL BUDGETS Pub. L. 101-508… I don’t think that Social Security can “legally” be considered part of the national debt or deficit… and… the actions being currently proposed for the social security program will be used to head off a potential “social security deficit”. That’s not the same deficit that people are hearing about on a daily basis. If you want to fix that deficit… just quit spending money that the government don’t have!!!

Ohhh… that deficit.

An interesting read…