The annual Social Security Trustees Report will be updated in April 2010. It is anticipated that the accelerated loss of payroll taxes due to steadily increasing unemployment these past years will reflect an earlier date when the Social Security program costs will exceed revenues. The primary reasons for the projected long-term inadequacy of financing under current law relates to changes in the demographics of the United States: 80 million baby boomers approaching retirement age, retirees living longer, and birth rates well below historical levels.
Democratic leaders in both chambers must begin as soon as possible to address these solvency concerns. The committees on which I serve do not have jurisdiction over the Social Security program. Committees, as you know, have the responsibility to craft a legislative measure for consideration by the full House.