The 2012 Social Security Trustees Report was issued the other day and — surprise — Social Security isn’t bankrupt like everyone in the press and in the Republican Party (and Democratic Party in some cases) are telling you.
The most important take-away points from the 2012 Trustees Report will be that Social Security has a large and growing surplus; that without any Congressional action, Social Security will continue to pay benefits to America’s eligible working families for decades; and that with modest legislated increases in revenue, it will continue to pay those benefits for the next century and beyond.
Atrios noted that Mark Warner (D-VA) is lying about the Trustees Report, suggesting that it says the fund “runs dry” by 2033.
After 2033, if nothing is done to increase revenue (Congress will do something), Social Security will still be able to pay out 75-80 percent of benefits — calculated based on 2033 money, which is actually more than people are being paid in benefits right now. And that’s if NOTHING is done to increase revenue before then. In other words SOCIAL SECURITY IS RUNNING A SURPLUS AND EVERYTHING IS GOING TO BE JUST FINE!!!11!!1
Don’t believe the myths. And for heaven’s sake, vote against anyone who wants to privatize the system.