Here's some good news: It was previously estimated that Social Security will experience a shortfall of $3.7 trillion over the next 75 years, but a new report from the government's nonpartisan Congressional Budget Office (CBO)estimates the deficit will only be about two-thirds that amount.
Of course, the program will still go completely bankrupt eventually, the report says (the best guesses out there put Social Security's end at about mid-century). But to Robert Greenstein of the liberal Center on Budget and Policy Priorities, the report means: No worries -- Social Security will go completely kaput at least a decade later than what we thought!
This means, Greenstein argues, "If CBO is correct, we don't need severe, radical changes to Social Security." These radical changes refer to President Bush's proposal to revamp the outdated program by giving people the option to divert some payroll taxes to private investment accounts.
So, really, Greenstein is arguing that Social Security is plunging into oblivion at a slightly decreased rate than what we initially thought. Therefore, let's wait 20 or 30 years down the line before we try to fix this ailing program.
When Greenstein's car has a gas leak, does he wait an extra year to fix the problem if he finds out the leak is slightly smaller than originally thought?
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