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A Congressional Budget Office report released as recent as June 2004 says the system will be able to pay full benefits until 2052, and 80 percent after that.

Grace Napolitano

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Grace Napolitano
Age: 87
Born: 1936
Born: December 4
Politician
U.S. Representative
Brownsville
Texas
Says
Recent
System
Budget
Full
Budgets
Able
Reports
Benefits
Congressional
Office
Released
Pay
June
Percent
Report

More quotes by Grace Napolitano

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Because of their low earnings and family obligations, Latinas would not be putting much money into private investment accounts. An average Latina could wind up losing thousands of dollars under this proposal.
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President Bush has consistently used rhetoric, and that is not convincing given his past record.
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To allow all U.S. workers to put part of their earnings into private investment accounts would definitely erode the Social Security system and cause uncertainty for new investors.
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The president's claim that Social Security is going broke is misleading at best. The sky is not falling, although there is no doubt that the system needs to be strengthened.
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Even without reforms, the Social Security fund will be able to meet 100 percent of its obligations until 2042.
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We must explain the truth: There is no free lunch.
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For people who have for been putting their hard-earned money into the system for years, the president's idea would replace their safety net with a risky gamble with no assurance of a stable return of investment.
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Because Social Security is specifically designed to boost the retirement income of low earners with a progressive benefit formula, the program has played an enormous and necessary role in keeping Latinas out of poverty.
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There is a need for Social Security reform to ensure its stability, and Congress must act.
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Because of my own experience with market fluctuation, I recognize the great risks one takes on investments. This converts the Social Security safety net into a risky proposition many cannot afford to take.
Grace Napolitano