Senate Minority Leader Harry Reid on Sunday’s Meet the Press:
Tim, all experts say that Social Security beneficiaries will receive every penny of their benefits that they’re entitled to—100 percent of them—until the year 2055. After that, if we still do nothing, they’ll draw 80 percent of their benefits. I want those beneficiaries after year 2055 to draw 100 percent of their benefits. But this does not require dismantling the program. For heaven’s sakes, they’re crying wolf a little too regularly here. There is not an emergency on Social Security.
Worth repeating: Social Security has enough money to pay everyone 100% for the next 50 years. After that, it could still pay 80%. AND THAT’S WITH NO CHANGES. Revenue increases equal to one-fourth of Bush’s taxes cuts would enable Social Security to pay everyone the promised benefits for the next century.
Meet the Press excerpt via The Daily Howler.