We Can’t Afford to “Leave Social Security Alone”
Conn Carroll /
This year Social Security will pay out $45 billion more in benefits than it collects in taxes. And this is not the first year Social Security has had an operating deficit. Last year, Social Security paid out $37 billion more in benefits than it collected in taxes. And this year is far from the last that Social Security will run an operating deficit.
Looking forward, the Congressional Budget Office estimates that Social Security will run a more than $600 billion operating deficit over the next ten years. Every year between now and 2021 will see Social Security deficits of between $28 billion and about $120 billion. Unless spending is cut elsewhere, every cent of this $600 billion will have to be paid for through either higher taxes or more debt.
Despite these cold hard facts, Majority Leader Harry Reid told MSNBC last night: “It is not in crisis at this stage. Leave Social Security alone. We have a lot of other places we can look that is in crisis. But Social Security is not.” How can Reid possibly look at program that the CBO says will bleed $600 billion from U.S. taxpayers over the next ten years and not see a crisis? Because of a little myth called the Social Security Trust Fund. (more…)