Trustees Report Shows Social Security is Facing a Challenge, Not a Crisis

Trustees Report Shows Social Security is Facing a Challenge, Not a Crisis
Privatization is the Real Threat to Social Security

FOR IMMEDIATE RELEASE:

Wednesday, March 23, 2005

WASHINGTON-The Social Security and Medicare Trustees released a report today showing that Social Security will be able to pay full benefits through 2041 and at least 74 percent of benefits thereafter. In response, Congressman Mike Thompson (D-Napa Valley) called on the President to abandon his risky Social Security privatization plans.
"The president has said that Social Security is in crisis and facing bankruptcy. Today's report-issued by his trustees-clearly proves him wrong," Thompson said. "Social Security is facing a long-term challenge but the real crisis is the president's privatization plan. It takes so much money out of the Social Security Trust Fund that full benefits stop getting paid more than a decade sooner than currently projected."

In 1983 Democratic House Speaker O'Neill and President Regan worked together on compromise that strengthened Social Security. Thompson indicated that he and other Democrats are prepared to work in a bipartisan manner to solve the challenges facing Social Security. "We are going to have to act to protect Social Security and I'm prepared to work with all of my colleagues to explore reasonable options to secure the future of this important program," Thompson said.

Congressman Mike Thompson (D-Napa Valley) serves on the House Ways & Means Committee, which has jurisdiction over Social Security.

http://mikethompson.house.gov/newsroom/index.asp?ID=40