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Social Security Crisis Essay

693 words - 3 pages

Social Security Crisis
Tony Greener
July 23, 2012
Kai Hintze

Social Security Crisis
In James Roosevelt’s(2010) article “Social Security at 75: Crisis Is More Myth Than Fact” he claims that that because Social Security has a dedicated income stream that covers its costs and consistently generates a surplus it therefore will stay solvent and remain available for future generations. This paper will analyze the reliability, credibility, and validity of the data used in the above claim and identifies any logical fallacies in the argument. In addition to this analysis of the data a rebuttal will be given to the claim that Social Security has a promising future.
The credibility of ...view middle of the document...

According to Social Security Administration in the A Summary Of The 2012 Annual Reports" (2012), beginning in 2021 net redemptions from the General Fund will be required until their exhaustion in 2033 at which time continuing tax income will be sufficient to cover around 75% of scheduled benefits from then on. In addition to the above income shortfall, further pressures could be placed on the program if the government at any time fails to meet its debt obligations. The Social Security Administration states that tax income is invested in “special issue securities” that is then placed in general fund of the Treasury ("Trust Fund Faqs", 2012). This fact was proven last summer when President Obama stated, “I cannot guarantee that those checks [he included veterans and the disabled, in addition to Social Security] go out on August 3rd if we haven’t resolved this issue. Because there may simply not be the money in the coffers to do it” (Matthews, 2011, para. 1).
Through the preceding analysis the above argument has been evaluated for its validity, credibility, and...

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