South Carolina Senate Fact #3: Social Security Will Run a Deficit in Just 14 Years

Inez Tenenbaum, candidate for South Carolina’s open U.S. Senate seat, refuses to present a viable solution to save Social Security while deriding Personal Retirement Accounts (PRAs) as “dangerous.”

Unfortunately, the real danger lies in sticking with the current system. The non-partisan Social Security Board of Trustees reports that program benefits paid will exceed contributions by 2018 as the baby boom generation retires. What’s more, the Social Security “Trust Fund” is full of meaningless government IOUs– there are no real assets in the Trust Fund. As a result, in just 14 years, seniors can expect benefit cuts and workers can expect tax hikes if Social Security is not reformed with PRAs soon.

Tenenbaum’s opponent Jim DeMint signed the FreedomWorks Candidate Survey, pledging to support PRAs that workers own and control. These accounts will grow with the economy and reduce Social Security’s massive unfunded liability.

There’s not much time left to avoid the Social Security disaster. Tenenbaum should offer her own plan– not more tired rhetoric.

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