Saturday, March 12, 2005

Pro-Bush Group Overstates Social Security Shortfall

Pro-Bush Group Overstates Social Security Shortfall


In a new TV ad, Progress for America exaggerates the true state of
Social Security's finances by comparing it to the Titanic. The ad claims
the system will go "bankrupt" if nothing is done and that we must rescue
the program "before it hits the iceberg." Actually, neutral experts
predict the system can pay between 70 and 80 percent of currently
scheduled benefits even if the Trust Fund is exhausted, which isn't predicted
to happen for another 37 years, at least.

The ad also touts Bush's plan for "voluntary personal retirement
accounts" as though that would improve the system's finances. But even the
White House now acknowledges that individual accounts alone do nothing to
fix the system's long-term financial shortfall.

See the link below for the full article: