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Social Security Trustees Report Released

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Location: Washington, DC


Social Security Trustees Report Released

Diaz-Balart: Action Needed Now to Fix Social Security's Long Term Ills

WASHINGTON-Each year, the Social Security Board of Trustees releases a report on the current status and projected condition of the Social Security Trust Fund over the next 75 years. This year, their report shows little change in Social Security's projected financial status and points out that, absent changes, currently scheduled Social Security benefits are not sustainable. Congressman Mario Diaz-Balart (R-Fla.) today issued the following statement regarding the Board of Trustees' report and the need for reform:

"Those who say there are no problems with Social Security's future need to look at the Trustees' report and stop lying to the American people. The problem is glaring: the program will pay out more than it takes in within 12 years - one year sooner than previously estimated. Action is needed now to fix Social Security for future generations. We cannot and should not wait until the damage is inevitable and irreversible.

"In the past, we temporarily addressed problems by tinkering with Social Security through higher taxes and benefit cuts. But these measures were only band-aid solutions. We need to have a permanent fix, and personal retirement accounts are a key part of that solution."

Yesterday, after the report's release, Senate Minority Leader Harry Reid (D-NV) said that the report "confirms that the so-called Social Security crisis exists in only one place: the minds of Republicans. In reality, the program is on solid ground for decades to come."
"Use whatever term you want, but the problem has only gotten worse," Diaz-Balart continued. "Senator Reid is living in a fantasy world and has chosen to play a dangerous game with Americans' future retirement. Democrats need to stop politicking and start addressing the needs of the American people - for today and tomorrow. Obstruction and denial will not save Social Security."

http://www.house.gov/mariodiaz-balart/news/2005news/032405_trusteesreport.htm

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