- I’m on record saying Social Security is the last place in the federal government we should look for cuts. It’s a lean, efficient program that, if anything, is too spartan. In 2009, the average monthly benefit was slightly more than $1,000 — hardly lavish. That makes it one of the stingiest national-pension programs in the developed world, actually. And once we finish phasing in the cuts passed in the ’80s, it’ll only replace about 31 percent of the average beneficiary’s income. In a time of underfunded 401(k)s and high unemployment, that’s just not enough for many retirees. Saying Social Security is too generous is like saying a Mini Cooper is too roomy.
- Our Fiscal Security – Home
- With funds to pay full benefits through 2037, Social Security remains our nation’s key source of retirement income for most Americans and must be protected from misguided cuts that would reduce benefits for future generations. We can increase or eliminate the payroll cap to finance adequate benefit levels for future generations.
- Eight facts and three thoughts about Social Security – Ezra Klein – The Washington Post
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1) Over the next 75 years, Social Security’s shortfall is equal to about 0.7 percent of GDP. Source (PDF).
2) For the average 65-year-old retiring in 2010, Social Security replaced about 40 percent of working-age earnings. That “replacement rate” is scheduled to fall to 31 percent in the coming decades. Source.
3) Social Security’s replacement rate puts it 26th among 30 Organization for Economic Cooperation and Development nations for workers with average earnings. Source.
4) Without Social Security, 45 percent of seniors would be under the poverty line. With Social Security, 10 percent of seniors are under the poverty line. Source. (click on the article title for more)
- Social Security – USAction Education Fund
- There Is No Social Security Crisis: Action Alert – TalkLeft: The Politics Of Crime
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Myth: Social Security is going broke.
Reality: There is no Social Security crisis. By 2023, Social Security will have a $4.3 trillion surplus (yes, trillion with a 'T'). It can pay out all scheduled benefits for the next quarter-century with no changes whatsoever.1 After 2037, it'll still be able to pay out 75% of scheduled benefits–and again, that's without any changes. The program started preparing for the Baby Boomers retirement decades ago.2 Anyone who insists Social Security is broke probably wants to break it themselves.
- Yglesias » Raising The Social Security Retirement Age Is Incredibly Regressive
