>Date: Tue, 30 Mar 1999 14:56 -0500
>From: The White House <Publications-Admin at Pub.Pub.WhiteHouse.Gov>
>To: Public-Distribution at Pub.Pub.WhiteHouse.Gov
>Subject: 1999-03-30 Fact Sheet on Social Security Trustees Report
>Keywords: Economy, Fact-Sheet, Federalism, Fiscal-Policy, Government, Labor,
> Social, Staff-Report
>Document-ID: pdi://oma.eop.gov.us/1999/3/30/3.text.1
>URL:
>
>http://www.pub.whitehouse.gov/uri-res/I2R?urn:pdi://oma.eop.gov.us/1999/3/30/3.t
>ext.1
>Delivered-By-The-Graces-Of: White House Electronic Publications
>Precedence: Bulk
>
> THE WHITE HOUSE
>
> Office of the Press Secretary
>________________________________________________________________________
>For Immediate Release March 30, 1999
>
>
> SOCIAL SECURITY TRUSTEES' REPORT: 1999
> March 30, 1999
>
>
>Today, the Social Security Trustees projected that the Social Security
>Trust Funds will not be exhausted until 2034 -- 2 years later than
>projected in last year's report. These improvements are due in large
>part to the strength of our economy and President Clinton's strategy of
>fiscal discipline. With the longest peacetime economic expansion in
>history, President Clinton's economic strategy is and continues to be
>successful.
>
> The Annual Report of the Social Security Trustees Shows a Modest
> Improvement in the Long-run Financial Status of the Program over the
> Past Year. Under the new projections, the Social Security Trust
> Funds will not be exhausted until 2034, 2 years later than projected
> in last year's report. The 75-year actuarial balance improved from
> -2.19 to -2.07. These improvements are due in part to the strength
> of our economy and President Clinton's strategy of fiscal
> discipline. With the longest peacetime economic expansion in
> history, President Clinton's economic strategy is and continues to
> be successful.
>
> The Improved Financial Status of the Social Security Program Is Good
> News. While this news is very promising, we should not become
> complacent about reforming the Social Security program. These
> modest improvements only underscore the fundamental challenge we
> face. This report provides further evidence that we must act now to
> make certain that Social Security is as strong for our children as
> it has been for our parents. The need for reform has not changed.
> The President has emphasized that reform must occur now while our
> economy is strong. Any changes we make now will be far easier than
> if we wait until the trust fund exhaustion date is eminent.
>
> The President's Framework Will Extend Social Security Even Further.
> In his State of the Union address this past January, President
> Clinton proposed to transfer 62 percent of the projected budget
> surpluses over the next 15 years--more than $2.7 trillion--to the
> Social Security trust fund. A portion of these transferred
> surpluses would be invested in the private sector to achieve higher
> returns for Social Security. Under the revised Trustees'
> projections, this will keep Social Security solvent until around
> 2059. But this is not enough--the President wants to work with both
> parties in Congress to make the tough but sensible choices that are
> necessary to save Social Security, and he is committed to working
> with Congress to save this system until at least 2075.
>
> The President's Plan Is Fiscally Responsible--continuing His Record
> of Fiscal Discipline. As a share of the economy, the publicly-held
> debt increased from 26% in 1981 to 50% in 1993. Since President
> Clinton took office, the publicly-held debt as a share of the GDP
> has dropped to 44 percent. Under the President's framework, the
> publicly-held debt will be cut by more than two-thirds, and, as a
> share of the GDP, will fall from 44% today to 7.1% in 2014--its
> lowest level since 1917.
>
> ###
>