Trustees: Social Security Broke in 2041
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The six-member board of trustees is headed by treasury Secretary Snow and also includes Labor Secretary Elaine Chao, Health and Human Services Secretary Mike Leavitt and Social Security Commissioner Jo Anne Barnhart.)
WASHINGTON - The trust fund for Social Security will go broke in 2041 — a year earlier than previously estimated — the trustees reported Wednesday. (
surprised?) Trustees also said that Medicare, the giant health care program for the elderly and disabled, faces insolvency in 2020.
>>>>The new projections made in the trustees annual report were certain to be cited by both sides in the massive battle to overhaul Social Security, which President Bush has made the top domestic priority of his second term.
>>>>The administration cited that change as a sign of the urgency to act to deal with Social Security's funding woes. Democrats argue that the real crisis is in Medicare and that the administration is ignoring the health care crisis.
>>>>"Today's report confirms that the so-called Social Security crisis exists in only one place — the minds of Republicans," said Senate Democratic Leader Harry Reid of Nevada. "In reality, the program is on solid ground for decades to come."
full story:
http://story.news.yahoo.com/news?tmpl=story&cid=514&e=3&u=/ap/20050323/ap_on_go_pr_wh/social_security