What Are Barack Obama’s Views On Social Security?

Here’s what we currently know about what President Obama is doing to keep Social Security stable and solvent through the century.

What is President Obama doing today about Social Security?

In the 2010 budget, the President proposes spending $759 million on Social Security program integrity, making sure that the government is spending tax dollars efficiently. He also wants to ensure that people getting Social Security are getting the proper amount of money, and that they are actually eligible for Social Security programs. The White House claims that by increasing the frequency of wage reporting, the tax administration would be enhanced. Currently, there are no other measures besides raising the frequency of wage reporting by employers to twice a year instead of just once a year. President Obama has no plans this year on when he will go for more serious reform of the Social Security program.

Social Security is solvent

The government estimates that Social Security can continue to pay full benefits until 2041, and the program is solvent. According to the Congressional Budget Office, the Social Security trust funds currently have a surplus of $137 billion. The CBO expects the surplus to decrease to $91 billion before going back up again to $137 billion once more in 2015. The recession has weakened Social Security to a certain extent, but not as much as the recession in 1983, when Congress had to put together a rescue package to keep Social Security from being insolvent. So, the fears of the alarmists are completely untrue. Social Security will remain solvent well into the next century, according to the CBO.

We will see in the future how President Obama handles Social Security, but for now, the outlook is bright.

Related posts

1. Should Social Security Be Abolished?
2. What Does Price Indexing Mean for Social Security Benefits?
3. Will There be Money Left in Social Security When I Retire?
4. How Do I Get Credit From Social Security For The Years I Worked?
5. Will The Social Security Issue Affect People Who Are Currently Retired?

Send this page to a friend ...

Enter friend's email address
.