ANALYSIS: Social Security Turns 80 Today. What Are Its Prospects?
As Social Security turns 80 today, you can expect the media to gush about the recent projections about the improving finances of the program.
On July 22, the Trustees of the Social Security Trust Fund released a report that concluded the exhaustion point for the Trust Fund is likely to occur later than previously thought.
The media collectively let out a sigh of relief because the report wasn’t a complete disaster as has been the case over the last five years. Michael Hiltzik could not contain his exuberance. Within hours of the report’s release, he wrote.
The Social Security trustees delivered a harsh blow Wednesday to those who claim the system is structurally unsound, requiring major cutbacks. In their annual report for 2015, they declared that the program’s fiscal health has improved over the last year, for predictable reasons: The economy is improving, and workers’ wages are rising.
The problem is that none of it is true — at least given the data provided in the annual report. …
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