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3/09/2005

Social Security Testimony

The opening Congressional hearings in the Social Security debate did not go well for the administration. Comptroller General David Walker stated that Social Security "does not face an immediate crisis," rather "a long-term financing problem." Walker "criticized President Bush for undertaking an aggressive two-month tour to try to sell his [privatization] plan...suggest[ing] that Bush and members of Congress focus on improving financing for the program..." Older details on Walker's views are available here. Walker's testimony will eventually be available here, and the highlights here [PDF].

Social Security Trustees Thomas R. Saving and John L. Palmer said that there would be "no major changes" in the Trustee's economic forecast for the program. Considering that economic performance over the last year has been considerably higher than that predicted in the 2004 Trustee's report, the projected dates at which benefit payments exceed payroll taxes and of trust fund exhaustion are both expected to be moved incrementally out.

 

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