LYCOS RETRIEVER 
Social Security Administration: Programs
built 655 days ago
The federal Social Security program is intended to replace part of your earnings lost because of retirement, death, or disability. It is a package of protection--retirement, survivors, and disability insurance--for you and your family while you work and after you retire. Before you can receive checks, you must have credit for a minimum amount of work covered by Social Security.
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* According to projections, in 2015, the Social Security program will begin to spend more money than it collects in taxes. At that point, the Social Security program will begin to collect on the money that it has loaned to the federal government. [65]
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The president is right when he says the long-term solvency of Social Security is in trouble. But his response -- privatizing the program -- is like sounding the alarm when you detect smoke and then proposing to burn down the house. Social Security needs to be fixed, not dismantled. It needs to be preserved, not privatized.
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Under the latest forecast, the Social Security trust funds continue to face long-range financing problems. On a combined basis, the Old-Age, Survivors, and Disability Insurance (OASDI) trust funds are projected to be depleted in 2042. At that point, annual tax revenue would cover only 73% of program costs.
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* When the Social Security program loans money to the U.S. government, the government is obligated by law to pay this money back to the Social Security program with interest. This money becomes a part of the national debt. [117][118] [119]
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President Bush's Commission to Strengthen Social Security devoted just two pages in its 256-page final report to the topic of disability benefits, despite the fact these payments account for 17 percent of all Social Security expenditures. The commission urged the president to initiate a "separate policy development process'' to address the disability program, but he opted not to touch this hot potato.
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