May 12 2009

Social Security Trustees Sound Warning Alarm

WASHINGTON - U.S. Senator Lindsey Graham (R-South Carolina) made this statement on Social Security Trustees Report.

"The day the Trust Fund begins to pay out more in benefits than it collects in taxes is the beginning of the end for Social Security. Due to the long and deep recession our nation is mired in, that day is now closer than anticipated. The recession has had a disastrous effect on the general economy and the finances of the Social Security program.

"The good news is that with decisive action by the Congress and President we can make adjustments to repair the system in a permanent fashion. These adjustments would be done gradually over time. No solution would harm to those currently receiving Social Security benefits or near-term retirees. They will be protected.

"Congress and the President must act quickly and in a comprehensive manner to save Social Security from impending bankruptcy. The sooner we take action the less drastic the solution. The longer we wait the more draconian.

"With a popular President and a strong contingent of Members of Congress from both parties who see the need to act now, we can get this done. I stand ready to meet the President and any Member of Congress who is ready and willing to act. This is an opportunity to repair the safety net that millions of Americans will rely on for their future retirement. Let's not miss this opportunity."