May 31, 2011

I Thought That Conversation Had Been Underway For Some Time

From a press release:
U.S. Congressman Sam Johnson (R-TX), Chairman of the House Committee on Ways and Means Subcommittee on Social Security announced today that the Subcommittee will hold an oversight hearing on the findings in the 2011 Annual Report of the Social Security Board of Trustees.  The hearing will take place on Friday, June 3, 2011 in B-318 Rayburn House Office Building, beginning at 9:00 a.m. ...
In announcing the hearing, Chairman Sam Johnson (R-TX) stated, “This year’s annual report again sounds the alarm that Social Security will be unable to keep its promises to the hard-working Americans who pay into the system.  Americans want, need and deserve a Social Security program they can count on and a fact-based conservation about how to get there.  This hearing will begin that conversation. 

2 comments:

Anonymous said...

OMG--Social Security is having problems? Thank goodness for Sam Johnson to sound the alarm and save us all.....oh, and I think I need a $ 10 mil govt grant to determine why it's darker at night than during the day. Remind me again why the public thinks Congress is mostly morons.

Don Levit said...

In the press release, it states:
"The U.S. Treasury bonds held by the trust funds, which are also backed by the full faith and creditof the U.S. Government, will be used to supplement current income through 2036. However, since no funds have been set aside to redeem thgose bonds, doing so will require the federal government to raise taxes, cut spending, or borrow more."
Um, let's see. I'll take what's behind door number 3 - increase the debt held by the public.
Don't fret, though, folks, you citizens are not alone. The federal retirees' trust fund is run the same way - with no funds set aside.
Is that how to admonister a pension plan?
Don Levit