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|Michelle Dimarob, or Sarah Swinehart (202) 226-4774|
Facts About the 2011 Annual Report of the Social Security Board of Trustees
This morning, the Subcommittee on Social Security examined the 2011 Annual Report of the Social Security Board of Trustees released in late May. During the hearing, the Subcommittee heard testimony from the two members of the Board who are public representatives, Charles Blahous and Robert Reischauer. Below are some of the key findings from the 2011 report.
“The financial challenges facing Social Security should be addressed soon. If action is taken
sooner rather than later, more options and more time will be available to phase in changes so that those affected have adequate time to prepare. Earlier action will also afford elected officials with a greater opportunity to minimize adverse impacts on vulnerable populations, including lower income workers and those who are already substantially dependent on program benefits.” Charles Blahous, Trustee, Social Security and Medicare Boards of Trustees
“The sooner we address this challenge, the less disruptive changes will be. Those most adversely affected can be given the time they need to prepare, the burden can be more equitably shared across the generations, and the political animosity and public anxiety associated with the unavoidable changes can be moderated.” Robert Reischauer, Trustee, Social Security and Medicare Boards of Trustees