News Release

Social Security Cuts Hurt Future Recipients

VIRGINIA RENO, also via Jill Braunstein
Vice president for income security policy for the National Academy of Social Insurance, Reno said today: “There’s much talk about cutting Social Security to reduce the deficit. Deficit commission co-chairs, Bowles and Simpson, said cuts are needed to ensure the future of our children and grandchildren. Yet, their benefit cuts fall directly on those children and grandchildren. Let’s look at some facts:

“Social Security isn’t contributing to the deficit. Since 1935 it has collected $14.6 trillion and paid out $12.0 trillion, leaving reserves of $2.6 trillion.

“Social Security benefits are modest (about $14,000 a year on average) yet are the main income of most seniors. Benefits are not keeping pace with rising out-of-pocket health costs, and other retirement resources are becoming less secure. Cutting Social Security would put many middle class Americans at risk.

“Americans want to strengthen Social Security, not cut it. Polls show that Democrats, Republicans, and independents are all willing to pay for Social Security and would rather pay more than see benefits cut. Modest revenue adjustments out in the future can keep Social Security strong for generations to come.”

Reno recently co-wrote the following pieces:

Strengthening Social Security for the Long Run

Social Security Across Generations: Benefit Cuts Will Fall on Today’s Children and Grandchildren

NASI will have a conference at the National Press Club on Thursday and Friday

For more information, contact at the Institute for Public Accuracy:
Sam Husseini, (202) 347-0020; or David Zupan, (541) 484-9167