FOR IMMEDIATE RELEASE:
Friday, May 31, 2013
Statement on 2013 Social Security Trustees Report:
Large and Growing Surplus
(Washington, DC) -- Social Security has a large and growing surplus, according to the 2013 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds, released today. This year’s report projects that in 2013 Social Security will run an annual surplus of $28 billion, bringing the accumulated surplus to about $2.8 trillion by the end of the year. The following are statements from the leaders of the Strengthen Social Security Coalition and Social Security Works:
“Today’s Social Security Trustees Report should give workers and their families renewed confidence. Social Security ran a surplus last year, is on track to run one this year, and has an accumulated surplus of $2.7 trillion. If Congress listens to the American people and requires millionaires and billionaires to pay their fair share, the Report shows that all benefits can be paid for the next three quarters of a century and beyond. Indeed, the Report makes clear that our nation, the wealthiest in the world, can afford increased Social Security benefits, as a number of Senators and Representatives have wisely proposed.”
-Nancy Altman, Co-Chair of the Strengthen Social Security Campaign-
"The most important take-away from the 2013 Social Security Trustees Report is that, in good times and bad, our Social Security system works and it works well. No institution does more to protect the financial security and dignity of Americans. No institution is more carefully monitored or more conservatively managed. No pension, housing or other form of savings, are nearly as well positioned to address the nation's impending retirement income crisis. Fully affordable and structurally sound, Social security will meet all its obligations to the American people as far as the eye can see, with only a modest increase in revenues."
-Eric Kingson, Founding Co-Director of Social Security Works-
Trustees Report Summary:
The most important take-away from the 2013 Social Security Trustees Report is that our Social Security system has a large and growing surplus and continues to work for the American people despite more than 35 years of negative press reports that the system would be bankrupt. Social Security’s cumulative projected surplus will be roughly $2.8 trillion in 2013, and to continue to grow until it reaches about $3 trillion around 2020.
Our Social Security system has a large and growing surplus. Unlike the banks, which nearly brought the economy to ruin, Social Security didn’t need a bailout. Its surplus has grown year after year, even during the Great Recession. The result of decades of foresight and planning, its cumulative surplus is projected to be $2.8 trillion in 2013, growing to $3 trillion by 2020.