social security

[Danzig]

http://www.washingtonpost.com/blogs/...w9dk_blog.html


Harry Reid says no to Social Security reform
By Jennifer Rubin
Senate Majority Leader Harry Reid (D) has consistently denied there is an immediate Social Security crisis, and, therefore, he says won’t consider Social Security reform. He was at it again yesterday:

“Two decades from now, I’m willing to take a look at it,” said Reid, 71, in an interview to air Wednesday evening on MSNBC. “But I’m not willing to take a look at it right now.”




The Social Security fund’s own actuary explained in a 2010 report that if action isn’t taken sooner rather than later, “then changes necessary to make Social Security solvent over the next 75 years will be concentrated on fewer years and fewer generations.” That would entail such measures as increasing the payroll tax to about 16.1 percent in 2037 and roughly 16.7 percent in 2084. Benefit cuts “would be reduced 22 percent at the point of trust fund exhaustion in 2037, with reductions reaching 25 percent in 2084.”

Entitlement spending and payment on the debt now are about 70 percent of our federal spending. Without reform, we’ll continue to rack up more and more debt and crowd out available funds for every discretionary program.