[VJW]

Originally Posted by Sweepsplayer

Hmmm... Well, how about this for starters.

Oh, the Social Security Trustees ?

Well, first off, back in 1992, the trustees had predicted that the Social Security Trust Fund would expire in 2039, but after the eight years of the Clinton administration, the Social Security Trust Fund was extended by FIFTEEN YEARS to 2054.

Additionally, the current administration has packed the board of trustees with people who favor scrapping Social Security and giving it to Wall Street, and scrapping Medicare and giving it to the Corporate HMOs. Needless to say, they have yet to miss a chance to misrepresent these extremely efficient programs to the American people.

For example, to arrive at the ridiculous projections the trustees have released, they assume a level of economic growth over the next 75 years that is LESS THAN HALF the rate we have seen over the past 75 years. Even the Great Depression in the 1930s showed a greater growth rate than the moribund 1.8% the RightWing actuaries plugged in to the model they utilized to arrive at their phoney numbers.

The fundamentals of the financial status of Social Security and Medicare remain problematic under the intermediate economic and demographic assumptions.

As long as the RightWing is intent on scrapping both.

Social Security's current annual cash surpluses will soon begin to decline

False.

and will be followed by deficits that begin to grow rapidly toward the end of the next decade as the baby boom generation retires.

False.

The Medicare Hospital Insurance (HI) Trust Fund that pays hospital benefits had negative cash flows in 2004 and annual cash flow deficits are expected to continue and to grow rapidly after 2010 as baby boomers begin to retire.

After the eight years of the Clinton administration, the Medicare Trust Fund was extended by TWENTY-FOUR YEARS.

The growing deficits in both programs will lead to exhaustion in trust fund reserves for HI in 2020 and for Social Security in 2041.

False.

The assessment of the non-partisan Congressional Budget Office (currently under the control of the Republican Majority) is that Social Security can pay all promised benefits through the year 2054 with no changes whatsoever, then pay 81% of promised benefits until the Baby Boomers finish exiting the system (which, in inflation-adjusted dollars will be more than what today’s retirees receive), then resume 100% of promised benefits. And that’s using pessimistic assumptions.

Currently, of the U.S. government outside of Social Security, revenue covers less than 68% of total government spending. Therefore, forty-nine years from now, Social Security will be in better financial shape than the rest of the U.S. government is TODAY.

In addition, the Medicare Supplementary Medical Insurance (SMI) Trust Fund that pays for physician services and the new prescription drug benefit will require substantial increases over time in both general revenue financing and premium charges.

Because the majority of the federal spending for the non-Medicare private-sector prescription drug program is for Corporate Welfare, not for prescription drugs for seniors.

We do not believe the currently projected long run growth rates of Social Security and Medicare are sustainable under current financing arrangements.

Social Security is more financially sound today than it has been throughout most of its 69-year history.

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