Kucinich on 2005 Social Security Trustees Report
The following is a press release from March 23, 2005, by Kucinich's office in Congress
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Kucinich on 2005 Social Security Trustees Report: Poor Economy Cause of New Trust Fund Depletion Date
WASHINGTON -- March 23 --In response to the release today of the 2005 Social Security Trustees' Report, which estimated that Social Security Trust Fund would be depleted in 2041, rather than 2042 as projected by last year's trustees report, Congressman Dennis J. Kucinich said:
"A poor economy in 2004 was the reason the Trustees, who are all political appointees of the President, changed their projection of the future date of depletion of the Social Security trust fund. Near term economic assumptions they had made, including real wages and employment for 2004, turned out to be wrong, as the actual performance of the economy was weaker in 2004 than they had guessed it would be.
"This is a stunning concession from one part of the Administration about the White House's poor leadership of the economy.
"The loss of one year in the trustees projections is small, however, and is not an argument to privatize Social Security, as the Administration has claimed. No other government program has a claim on 35 years of funding, as Social Security has. Diverting tax dollars away from Social Security, as the Administration seeks to do, will hasten the depletion of the trust fund and will do nothing to affect Social Security's long range finances."
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