Financial Status
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Statement of Robert Greenstein, Regarding The Social Security and Medicare Trustees’ Report
May 1, 2006
Today’s report is another reminder of the serious long-term fiscal challenges the nation faces. Overall federal budget deficits will swell as the baby boom generation retires, medical costs continue their rapid ascent, and the growth of the U.S. workforce slows as a result of the aging … -
What the 2006 Trustees' Report Shows about Social Security
May 1, 2006
On May 1, the Social Security Board of Trustees released the 66th annual report on the program’s financial and actuarial status. The report projects that Social Security’s trust fund reserves will be exhausted in 2040, one year earlier than last year’s projection. After that year, Social Security will be able to pay 74 percent of scheduled benefits, rather than full benefits. … -
Will The Administration Claim the Cost of Fixing Social Security Rose $700 Billion Because Congress Did Not Act Last Year?
Revised May 1, 2006
President Bush and other Administration officials often claim that delaying action on Social Security by “...just one year adds $600 billion [or $700 billion] to the cost of fixing Social Security.”[1] Such claims may be repeated on May 1 when the Social Security Trustees release their annual report on the program’s finances. Such claims, however, are not accurate. The figures used in …
