Social Security: The Latest from Senate Democrats

 

http://www.dailykos.com/story/2014/02/14/1277624/-Bernie-Sanders-Leads-15-Other-Senators-in-Letter-Urging-Obama-Not-to-Cut-SS-Medicare-or-Medicaid

The Daily KOS carried a story about the letter 15 Senate Democrats delivered to President Obama.  In it they ask the President not to include cost cutting to the Social Security program as part of his budget proposal.  They claimed:

"Social Security has not contributed one penny to the deficit. Social Security has a surplus of more than $2.7 trillion and can pay every single benefit owed to every eligible American for the next 19 years."

But they failed to mention that the Social Security Trustees have been warning Congress since at least 2005 that they need to make timely reforms to the program.  What reforms do these Senators propose in their letter?  None.

So while it may be true that Social Security hasn't contributed to the deficit, it's not true that it won't be.  The WH OMB 2014 Budget showed Social Security Outlays exceeding Social Security Payroll Tax Receipts by $1.8 trillion dollars over the next ten years.  And while the trustee report showed that Social Security benefits could be paid at current value until 2033, it also said that after that there would need to be a substantial reduction in benefits.  Substantial as in 23%.

Each year Congress delays in making necessary reforms to Social Security the consequences are that the required reforms are larger than if made before.

So why do the 15 Senators want us to wait?  I don't think they will be changing their minds any time soon.  So it appears that the best way to make sure that Social Security is saved is to make sure as many as possible of the 15 Senators are defeated in this year's elections. 

The 15 Democrats who co-signed the letter are the following:
Tammy Baldwin (D-WI)
Mark Begich (D-AK)
Barbara Boxer (D-CA)
Richard Blumenthal (D-CT)
Al Franken (D-MN)
Kirsten Gillibrand
Mazie Hirono (D-HI)
Tom Harkin (D-IA)
Patrick Leahy (D-VT)
Edward Markey (D-MA)
Jeff Merkley (D-OR)
Jack Reed (D-RI)
Brian Schaz (D-HI)
Elizabeth Warren (D-MA)
Sheldon Whitehouse (D-RI)