Adam Rosenberg, a policy analyst with the Committee for a Responsible Federal Budget, wrote a guest post that appeared on the RealClearPolicy blog. It is reposted here.
This month marks the 80th birthday of the Social Security program. For decades, the program has been a vital lifeline for retirees, the disabled, and their families and has lifted tens of millions of Americans out of poverty.
The program faces financial problems, though. The Disability Insurance trust fund is expected to deplete its reserves in late 2016, and even if its finances are intermingled with the old age program, the combined Social Security trust funds are projected to go insolvent by 2034. When these trust funds run out of money, benefit payments will need to be cut or delayed to hold spending to incoming revenue.
Making Social Security financially secure will require an informed debate about the choices involved, but myths are often recited to obstruct progress on reform. Here are 4 common myths.