Social Security Update
From Yahoo! News:
Social Security's long-term prospects are better than previously thought, a congressional report said Monday, estimating the program won't become insolvent until 2052, a decade later than projected earlier this year.
The report by the nonpartisan Congressional Budget Office still paints a bleak financial picture for the future of the retirement system, which faces significant strain as the aging baby boom generation retires.
But the report's projection will jump-start debate this election year about President Bush's proposal to revamp the system by adding personal investment accounts.
The bipartisan trustees who oversee Social Security predicted in March that the system's shortfall would be 1.89 percent of taxable payroll, or about $3.7 trillion.
But using rosier economic assumptions over the next 75 years on such things as inflation and productivity, congressional budget forecasters said the shortfall would be 1 percent of taxable payroll.
Matt's Chat
This is great news, but we still have a lot of hard work to do to make Social Security a strong and viable program.Mark's Remarks
Yes, this is good news, but why wait until a crisis to fix this program? The correct thing to do is do what this President and a previous President did: give the American people back control of their money. It is time to allow people to invest their social security withholdings in an effort to make better profit and have a better retirement. If you allow people to invest, that takes some of the burden off the system, and it engenders so much potential for growth, because instead of being tied into some bureaucrat's investing, the individual can invest on their own and make more money for retirement!
