Wes Hickman/Kevin Bishop
-- United States Senator Lindsey Graham (R-South Carolina) announced today he will introduce an amendment to the budget resolution tomorrow, highlighting the problems with the current state of Social Security and the immediate need to find a permanent solution.
The Sense of the Senate amendment is a statement of facts about the financial condition of the Social Security system and an agreement that we must work to make Social Security solvent and permanently sustainable at the earliest opportunity.
“Strengthening and protecting Social Security is one of the most important domestic issues facing America today,” Graham said. “It affects the wellbeing of retirees, workers, and future generations. When it comes to Social Security, to do nothing is political malpractice.”
Graham will introduce his amendment on the same day he is scheduled to address a National Center for Policy Analysis briefing on the 2003 Social Security Trustees’ Report.
The 2003 Trustees’ Report was released today. It states that while the short term condition of Social Security has improved slightly, the long term deficits continue to deteriorate rapidly:
In 2018, Social Security will begin to pay out more in benefits that it collects in taxes.
By 2042, the system will be insolvent and tax revenues will only finance 73% of benefits.
Over the next 75 years we have promised to pay $25.3 trillion (in 2003 dollars) more in benefits than we will collect in taxes.
Also speaking at the briefing will be Dr. Thomas R. Saving, Social Security and Medicare Trustee, and James B. Lockhart III, Deputy Commissioner of Social Security.