RUMORS: Check Soc. Sec. facts

Over the past few months, I have heard so much misinformation about Social Security that I feel compelled to set the record straight. I have worked with Social Security employees for 26 years. I have learned a great deal about how the program works. So here are some facts for your readers to consider:

1) Social Security does not account for our deficit problem. In fact, Social Security neither increases nor reduces the federal deficit since it is entirely self-financed.

2) Social Security is not a Ponzi scheme because Ponzi schemes rely on false promises to convince unwary people to give money. Social Security’s funding stream is 100 percent reliable and its promised benefits are required to be honored by law.

3) Social Security is in no danger of going bankrupt. The system has a huge surplus, plus enough to pay full benefits to every retiree for the next 25 years. After 2037, without any changes, SSA will pay 78 percent of benefits based on conservative economic projections. More optimistic economic forecasts predict that full benefits will be paid past 2086 without any changes.

Cuts in SSA’s administrative budget will result in fewer employees, office closures, employee furloughs, longer wait times, delayed claims and difficulties in getting interview appointments. The myth that your readers hear from the “news” commentators is not based on truth, but desire to undermine support for the Social Security system.

ANDREA WASSNER

American Federation of Gov’t Employees, Local 3937

Boise