The Huffington Post ran an article today with Mark Miller’s reality check on the rhetoric about Social Security going broke: “… Social Security also has that big surplus, which has been accumulating since the last “fix” to the program was implemented during the Reagan years. That fix included a gradual boost of the retirement age from 65 to 67, and a substantial boost in payroll taxes that fund Social Security. Those changes were intended to raise a substantial cushion for the future retirement of all those boomers. It worked, and the money sits in something called the Social Security Trust Fund.
“True, as boomers start to retire in greater numbers, there won’t be enough current workers coming along behind them to keep the program solvent on a pay-go basis. That means the surplus funds will be drained — eventually. As in … 2037. But even then, income coming into the fund would cover about 75 percent of benefit payouts.”
See article here: