Yesterday, we all received even more evidence that we need to take serious steps to shore up Social Security sooner rather than later. The Social Security Trustee issued their annual report and said that the Trust Fund will be depleted three years earlier--by 2033--than they projected last year.
This announcement is just the latest data that shows how Social Security's financial situation is worsening. In 2010, Social Security for the first time in many years paid out more money in benefits than it received in payroll tax revenues. That trend will continue. And even if all of the money borrowed out of Social Security in the past is repaid, the Trust Fund will be exhausted by 2033.
Meanwhile, every day more Americans who count on Social Security are planning for or entering retirement.
As you may know, mandatory spending programs--like Social Security, Medicare, and Medicaid --make up the largest part of our nation's budget. And it is increasingly clear that leaving these programs on autopilot will continue to threaten the financial security of all Americans, not just those who currently receive benefits.
I do not believe we should change the rules in the middle of the game. Proposals I have supported in the past would not affect those who are 55 years of age or older. But for younger workers, some reforms are necessary or Social Security cannot survive.
You can read the Trustee report yourself at www.socialsecurity.gov/OACT/TR/2012/.