August 5, 2010

Washington, DC – Nevada Senator Harry Reid today made the following statement on the release of the latest report by the Social Security Board of Trustees.  The report found that Social Security will be fully solvent through 2037, and after that will have enough income to pay larger benefits than the average retiree receives today.  The report also shows that the entire Social Security shortfall is less than the cost of extending the Bush economic policies for the wealthy.

"I know that many Nevadans are worried about Social Security's future, and the program does face long-term challenges.  But as today's report proves, it is disingenuous for those who want to privatize or eliminate Social Security to falsely claim that the program is about to go bankrupt.  The reality is that Social Security will be able to pay every penny of promised benefits for decades, and after that will still have enough income to pay larger benefits than seniors receive today.  It is factually wrong to claim that we can afford more permanent handouts for multi-millionaires, but can't afford to protect Social Security benefits."

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