Reports that the Social Security trust fund is drying up is not what we should be worrying about. So says Edward F. Coyle, executive director of the Alliance for Retired Americans.
Warnings about depleting Social Security benefits undermines the real daunting issues of a crippled health care system and lost retiree equity thanks to the collapse of the housing bubble, Coyle says. Speculations stem from those wanting to cut benefits and extend the retirement age.
“News that the recession is reducing the Social Security Trust Fund underscores the critical need for a long-term economic recovery plan that puts Americans back to work at good jobs with good benefits. If more Americans are working, then more money will flow into local, state, and federal coffers, including the Social Security Trust Fund,” Coyle said in a press release Tuesday.
“Our nation’s inter-related economic and health care crises are what should demand our lawmakers’ immediate attention. Reforming health care would help the Medicare Trust Fund, which unlike Social Security, does face a critical shortfall,” he continued.