Political Quotes

“I suspect a lot of people are going to be tired of hearing about Social Security. But I think it is so important that every American, either retired or somebody that is going to be retired some day, look at the problem of Social Security, what is happening, and at this summer and fall election, talk to their candidates that are running for Congress about what they are doing for preserving Social Security. I have this chart here that represents the bleak future of Social Security. As my colleagues see, on the top left of this chart that goes from up until about 2013 is the new projection of where there is going to be more tax revenue coming in from the working taxpayers of this country than is needed to pay benefits. Now, what happens in Social Security since we started in 1935? The existing workers pay in their taxes and immediately it goes out to pay benefits for existing retirees. This chart shows that we are going to have more tax revenue coming in than is required to pay out benefits for the next 12 to 14 years. Dorcas Hardy, by the way, thinks we are going to actually run out of money as early as 2005 or 2006. Now, in terms of what the excess money is, and that money is approximately $70 billion this year, $80 billion this year, $100 billion the year after next, is being borrowed from Social Security to balance the budget.”