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Committee on
Ways and Means For Immediate Release Social Security: New Dates, Same Fundamental Problem WASHINGTON -- Today, the Social Security and Medicare Trustees issued their annual report on the health of the nation's two largest programs that provide essential health care and income security for seniors, individuals with disabilities and their families. Chairman Clay Shaw, of the Social Security Subcommittee, offered this reaction, "For 18 years the news has been the same: Social Security is not on a sustainable track. Ignoring this repeated news is not an option. We must act to strengthen Social Security now -- especially since the baby boomer retirement wave is visible on the horizon." "Last year, the House committed to fixing the problem without cutting benefits or raising taxes. I've offered a plan that meets this criteria, and I am willing to consider adjustments in order to generate bipartisan support. I encourage Democrats to offer a plan of their own so that we can have a thorough debate and constructively work toward a solution," Shaw added. The Social Security program will begin running a cash deficit in the year 2017. The Social Security Trust Funds will deplete its IOUs or treasury bills in the year 2041. Last year the trustees reported that cash deficits will begin in 2016, and the trust funds "assets" would be exhausted in 2038. For more information on Chairman Shaw's Social Security Guarantee Plus Plan, please visit http://www.house.gov/shaw/ssindex.html |