White House Budget Director Peter Orszag, who is reportedly stepping down from his post in July, called for action Tuesday "sooner rather than later" to help restore solvency for the U.S. Social Security program."Despite the fact it is not the most substantial contributor to our long-term fiscal gap, we also need to restore solvency to Social Security," he said at an event on the topic at the National Press Club.
"Not only will putting Social Security on sound footing help to some degree with our overall long-term budget picture, making adjustments sooner rather than later...will provide greater certainty to future Social Security beneficiaries and also allow us to make adjustments that are both gradual and fair."
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Jun 23, 2010
Restore Solvency
From Dow Jones Newswires:
This remark shows that Orzag doesn't know a thing about SS financing, the Trust fund, and how the system actually works. He intends to resign soon, according to current reports on the Huffington Post and elsewhere. Which is good news as far as I can see.
ReplyDeletepeople have fewer children.
ReplyDeletepeople live longer.
a pyramid cannot stand on its apex.
As soon as ALJ's heard that SSA was going to be in the "Red" sooner than expected, some of them have taken it upon themselves to save SSA on their own. Gotta save their own 100K+ jobs first.
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