HolyCoast: Rick Perry's Social Security Op-Ed

Monday, September 12, 2011

Rick Perry's Social Security Op-Ed

Thanks largely to Mitt Romney's dishonest campaign against Rick Perry with misleading flyers about his position on Social Security, Perry has written an op-ed in USA Today about his Social Security statements:
The first step to fixing a problem is honestly admitting there is a problem. America's goal must be to fix Social Security by making it more financially sound and sustainable for the long term. But Americans deserve a frank and honest discussion of the dire financial challenges facing the nearly 80-year-old program.

As I said at the Reagan Library recently, Social Security benefits for current recipients and those nearing retirement must be protected. For younger workers, we must consider reforms to make Social Security financially viable.

These are the hard facts: Social Security's unfunded liability is calculated in the trillions of dollars. Last year, annual Social Security outlays exceeded annual revenues for the first time since 1983. The Congressional Budget Office projects that outlays will be roughly 5% greater than revenues over the next five years, worsening as more and more Baby Boomers retire.

By 2037, retirees will only get roughly 76 cents back for every dollar that is put into Social Security unless reforms are implemented. Imagine how long a traditional retirement or investment plan could survive if it projected investors would lose 24% of their money?

I am going to be honest with the American people. Our elected leaders must have the strength to speak frankly about entitlement reform if we are to right our nation's financial course and get the USA working again.
This is just the first part of it. Read the rest of it here.

I expect Romney to continue his dishonest attacks which only serve to give Democrats talking points against Republicans. Mitt doesn't deserve the nomination. Perry can still earn it.

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