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AARP AND CONGRESSIONAL BIG SPENDERS COVERING UP
SOCIAL SECURITY IS RUNNING ON EMPTY
Myth of Social Security Trust Fund is Promoted by AARP Washington, DC – According to the 2007 annual report of the Social Security and Medicare Boards of Trustees, payroll taxes will no longer raise enough money to pay full Social Security benefits starting in the year 2017. The AARP said in a press release that it finds this news “reassuring,” claiming “Social Security can pay full benefits for millions of older Americans until at least 2041.” Christian Seniors Association Executive Director James Lafferty said, “The moment of truth is approaching as some Washington insiders continue to pretend there is a genuine trust fund from which Social Security checks are withdrawn.” “It’s not true now and never was true. The race to collect payroll taxes in order to cover today’s Social Security checks is a losing cause. The big spenders in Congress and the folks at the AARP will continue to receive their huge chunks of federal cash. The biggest losers, of course, will be the hardworking people who are anticipating Social Security payments in their future. No one has any idea where the money will come from to pay back what has been borrowed--stolen in a moral sense--from Social Security,” he said. According to the U.S. Department of the Treasury, as of the end of March 2007, the federal government owed the Social Security Trust Fund, both old age and disability, more than $2.082 trillion. The latest report from the Social Security and Medicare Boards of Trustees projected that by 2017, the debt to the Trust Fund will balloon to between $3.984 trillion and $5.172 trillion (in current dollars), depending on the state of the economy. Lafferty said, “If Congress was serious about fixing Social Security, it would stop squandering the money it collects from hardworking Americans on its pet projects and use this money for the purpose that it was collected – to pay Social Security checks. “The most important step to fix Social Security would be to enact Congressman Ron Paul’s HR 219, the Social Security Preservation Act, to require the Trust Fund to contain real assets, such as certificates of deposit in FDIC-insured institutions, instead of meaningless IOUs from the government to itself. “AARP should disqualify itself from accepting money from the U.S. government until the government reforms Social Security and keeps its promises to every hardworking American who has contributed to the system,” Lafferty said, pointing out that AARP received more than $53 million from the federal government in 2006 and an estimated $1.266 billion over the last 18 years.
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