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Thursday, March 24, 2005
WCCO knew better, didn't care
Here's WCCO's story on yesterday's Trustees report on Social Security:The new projections made in the trustees annual report were certain to be cited by both sides in the massive battle to overhaul Social Security, which President Bush has made the top domestic priority of his second term.
The go-broke date for Medicare was delayed by one year, compared to the estimate that trustees gave a year ago.
The insolvency dates represent when both trust funds will have exhausted the government bonds that have been building up to take care of the pending retirement of 78 million baby boomers.
What really infuriates me, though, is that WCCO knows better. Here's the "Fact Check" WCCO ran in February
The Social Security Administration said the system won’t go bankrupt, even if we don’t do anything at all.
In 2018, Social Security for the first time pays out more benefits than it takes in, but that’s when it starts using money from its trillion dollar reserves, just like it’s done before.
In 2042, when those reserves are gone, it will still pay at least 73 percent of the benefits promised, and that’s if no one does anything to fix the system before then.
