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The Social Security Trustee Report Issued Last Week Said That Social Security Costs Will Exceed Its Revenues In 2015.

Senator Harry Reid tells Nevadans there isn’t a Social Security Crisis


By —— Bio and Archives--August 13, 2010

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Sharron Angle Campaign press release

SENATOR HARRY REID: “People have to stop badmouthing social security.  Social security according to CBO, according to the general accounting office, is ok for the next 40 years.  And even after that, people will draw 80 or 85 percent of the benefits if we do nothing.  So I think we should just stop frightening people about how bad of shape social security is in.” (“Face To Face With Jon Ralston,” 7/9/10)

In 2005, Reid Believed The “Social Security Crisis Exists In Only One Place: The Minds Of Republicans,” Despite A Report Showing That Social Security Will Begin Paying Out More In Benefits Than It Receives In Payroll Taxes In 2017. “A new report on the financial health of Social Security changed the numbers only slightly and the terms of the political debate even less so. The trustees who oversee the government retirement program said Wednesday that Social Security will begin paying out more in benefits than it receives in payroll taxes in 2017. That means the government at that point will have to increase its borrowing on financial markets, raise taxes or divert money from other government programs to sustain Social Security at current levels. . . .  Senate Democratic leader Harry Reid of Nevada said the report ‘confirms that the so-called Social Security crisis exists in only one place: the minds of Republicans.’” (Glen Johnson, “Social Security Report Changes Numbers Slightly, But Not The Political Debate,” The Associated Press, 3/24/05)

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In 2005, Reid Said “There Is No Emergency On Social Security.” “But not today. Although the dismal projections of the system’s inevitable fiscal shortfalls have changed little since 1998 and Congress has taken no action to shore up the system, Reid now says, ‘There is no emergency on Social Security,’ and his ‘just say it ain’t so’ strategy has been adopted by most Capitol Hill Democrats.” (David Winston, Op-Ed, “Viewers Back Bush, Not ‘Irresponsible’ Democratic Policy,” Roll Call, 2/8/05)


In 2005, Reid Said “There’s No Crisis In Social Security.” “‘We want to make sure that the American people understand that we’re not for benefit cuts and we’re not for privatization,’ Reid said. ‘There’s no crisis in Social Security.’” (Alex Wayne, “Reid Says No Senate Democrat Will Back Bush’s Social Security Plan,” Congressional Quarterly Today, 2/1/05)

SOCIAL SECURITY TRUST FUND WILL BE EXHAUSTED IN 27 YEARS

KTNV, ABC – LAS VEGAS:  The Social Security Trustee Report Issued Last Week Said That Social Security Costs Will Exceed Its Revenues In 2015. “Social Security tax revenues will ‘slightly’ fall below program costs in 2010. Tax revenues are projected to exceed program costs in 2012 through 2014, and then permanently fall below program costs in 2015—one year sooner than the estimate in last year’s report. The poorer outlook stems mainly from the recession’s impact on the economy. . . . Similarly, the Social Security program will require new steps to ensure its solvency, budget experts say.”  (KTNV, ABC-Las Vegas, Social Security to pay out more in 2010 than it takes in, 8/6/2010)

CNN MONEY:  The trustees report also said the Social Security trust fund will be exhausted by 2037. “It’s official: Social Security will reach its tipping point this year.  For the first time in nearly 30 years, the system will pay out more benefits than it receives in payroll taxes both this year and next, the government officials who oversee Social Security said on Thursday. … The trustees report also said the Social Security trust fund will be exhausted by 2037—its same prediction made last year.” (Social Security: “More going out than coming in,” CNN Money, 08/05/10)

STATEMENT FROM THE SHARRON ANGLE CAMPAIGN REGARDING SENATOR REID’S RALLY

“Less than a month ago, Senator Harry Reid was boasting that there was no Social Security crisis and the program will be in great shape for the next 40 years, but Reid is flat–out wrong and the trust fund will be totally empty in just 27 years.  Rather than scaring seniors so he can be re-elected to a fifth term, Senator Reid should focus on how we can make Social Security solvent forever.  Sharron Angle will always support paying Social Security benefits to our seniors in Nevada, but she believes we must examine the program so it remains solvent to our children and grandchildren.” Jerry Stacy, Spokesman for Sharron Angle



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