The annual Social Security trustees' report released today shows Social Security is “vibrant and strong” and, says AFL-CIO President Richard Trumka, it “continues to ensure working people a chance to retire with the dignity earned though a lifetime of hard work.”

The report shows that without any congressional action, Social Security will be able to pay full benefits through 2033, despite lower-than-expected wage and economic growth and unexpected increases in the cost of living. But Trumka warns that Wall Street bankers and lawmakers intent on cutting Social Security will use today’s report to push cuts to the program again.

They should not, however, use the long-range forecast that adjustments may need to be made in 21 years in order to assure Social Security's solvency as an excuse to cut benefits today, especially when the alternative is risky stock market gambling. 

Ross Eisenbrey, vice president of the Economic Policy Institute ( EPI ), says :  

Social Security will never run out of money. Even in 2033, when the multi-trillion dollar buildup of funds for the baby boomers is used up, there will be hundreds of billions of dollars of contributions to the trust fund.

Trumka says, “There is no excuse for cutting Social Security benefits, period. Social Security benefits are too low, not too high.”

Working Americans have too little retirement security, not too much, and only Social Security offers the certainty working people deserve. 

Sen. Tom Harkin (D-Iowa) recently introduced the  Rebuild America Act , which extends the solvency of the trust funds by 16 years while increasing Social Security benefits across the board. Trumka says Harkin’s approach “is the way forward” and warns:

The AFL-CIO will oppose any Social Security benefit cuts, such as a reduction of COLAs [cost-of-living adjustments] or an increase in the retirement age, no matter who proposes them. 

Click here for Trumka's full statement.