View Full Version : Economics Pay attention Young people. Harry Reid is screwing you major

03-17-2011, 08:53 PM
Hard to imagine but Harry said it....

(Fox News)- Senate Majority Leader Harry Reid says he’s not willing to consider changes to Social Security for another 20 years – when he’s 91 — but the entitlement program for seniors is likely to be in crisis by then.

Despite the growing drumbeat in Washington for entitlement reform to tackle the federal deficit, Reid said Wednesday evening that changes to the program are not something he will even consider talking about, much less acting on.

“Two decades from now, I’m willing to take a look at it, but I’m not willing to take a look at it right now,” he told MSNBC. “It is not in crisis at this stage. Leave Social Security alone. We have a lot of other places we can look that is in crisis. But Social Security is not.”

While Social Security is technically flush with a $2.5 trillion surplus — amassed since the retirement program was last overhauled in the 1980s — that money is projected to run dry in 2037, six years after Reid says he’s willing to consider changes, and that’s only if the government pays back its IOUs after raiding the trust fund.

By 2037, Social Security would collect enough in payroll taxes to pay out about 78 percent of benefits, according to the Social Security Administration.

Keep reading…http://www.foxnews.com/politics/2011/03/17/reid-says-wont-consider-changes-social-security-hes-1/

03-17-2011, 09:27 PM
Yea, the Fed Gov has IOU's to SS yet SS is just fine....:facepalm:

03-17-2011, 09:56 PM
It's another stupid kick the can down the,road statement, but it's not like there are many other legislators are out there clamoring for serious near-term changes to social security either. This includes both parties.

The Mad Crapper
03-18-2011, 02:03 PM
banyon and orange