This year's trustees report again makes clear that Social Security will be able to pay its full benefits through 2041. However, this trustees' report, the last to be issued by the current administration, reveals another squandered opportunity by President Bush. The Bush Administration decided to place tax cuts for the wealthiest Americans ahead of putting Social Security and Medicare on more solid footing.
When he inherited a projected $5.6 trillion surplus upon entering office, President Bush could have used some of this surplus to strengthen Social Security and Medicare for the baby boomers and future generations. By turning that projected surplus into a $3 trillion deficit, the President not only failed to protect these twin pillars of retirement security, but also made it more difficult for future policymakers to strengthen Social Security and Medicare.
The Democratic Congress is committed to keeping the promise of Social Security and Medicare to all Americans.