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Excerpt: Somehow I saw this one coming...
Bush:The system, however, on its current path, is headed toward bankruptcy.
Fact: "The Social Security system cannot go bankrupt, for it has no creditors. By law, the trustees will continue to pay reduced benefits even if the trust fund is exhausted. Payroll taxes will continue to come in and benefits will continue to be paid."
-- CBS MarketWatch
Bonus Fact: "Social Security is Financially Sound: According to the Social Security trustees report, the standard basis for analyzing Social Security, the program can pay all benefits through the year 2042, with no changes whatsoever. Even after 2042 the program would always be able to pay retirees a higher benefit (in today's dollars) than what current retirees receive... Social Security is more financially sound today than it has been throughout most of its 69-year history."
-- Non-partisan Center for Economic and Policy Research
So wait, is it a solution or not?
Bush: As we fix Social Security, we also have the responsibility to make the system a better deal for younger workers. And the best way to reach that goal is through voluntary personal retirement accounts.
Fact: "The creation of private accounts for Social Security will not deal with the solvency and sustainability of the Social Security fund."
-- U.S. comptroller David Walker