In August of 2010, Social Security will celebrate its 75th Anniversary. For 75 years Social Security has provided Americans with an earned, inflation-protected retirement benefit that will last a lifetime and has dramatically improved the economic status of older adults as the primary source of retirement income for most Americans.
However, with a focus on deficit reduction at the federal level, some leaders in Washington are talking about cutting Social Security benefits as a means of reducing the deficit. The reality is that Social Security has not contributed one dime to our nation’s debt – and, despite the economic crisis, the Social Security Trust fund continues to grow. The Social Security Trustees report that Social Security will be able to pay benefits on- time and in-full until 2037 and will be able to pay three-quarters of the benefits thereafter. The current $2.5 trillion Social Security Trust Fund is expected to reach $4.3 trillion by 2023.
Americans have put their hard earned dollars into Social Security and deserve to receive their promised benefits when they retire. AARP will fight any attempt made to unfairly balance the nation’s budget on the backs of older Americans by reducing promised Social Security benefits.
Instead of raiding the retirement funds of future generations by cutting Social Security benefits, Congress should focus on cutting waste, closing tax loopholes, and cracking down on earmarks and pork-barrel spending. AARP believes that any changes to Social Security should be made gradually and should ensure that:
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