Social Security Fact Sheet

Here's a great listing of facts refuting the claims being made by the Busha Nostra regarding Social Security. I especially like the title: "How to Talk to a Conservative About Social Security (If You Must)."

A few excerpts:

CLAIM: “By the year 2042, the entire system would be exhausted and bankrupt.” [President Bush, 2/2/05]

FACT: In 2042, enough new money will be coming in to pay between 73-80 percent of promised benefits. Even with this reduction, new retirees will still receive more money, in inflation-adjusted dollars, than today’s beneficiaries. [WP, 2/5/05]

CLAIM: “Under the current system, today’s 30-year old worker will face a 27% benefit cut when he or she reaches normal retirement age.” [GOP Guide to Social Security Reform, 1/27/05]

FACT: According to the Congressional Budget Office, younger workers would receive better benefits from Social Security as it exists now, even if nothing changes, than from President Bush’s private accounts plan. [EPI, 2/05]

CLAIM: “Best of all, the [private] accounts would be replacing the empty promises of government with the real assets of ownership.” [President Bush, 2/8/05]

FACT: Social Security trust funds “hold nothing but U.S. Treasury securities,” recognized as “the safest, most reliable investment worldwide.” [Century Foundation, 1/26/05]

Check it out, and pass it along to your friends who still have the wool pulled over their eyes.