Only 22 percent of young adults believe Social Security will survive until their retirement, and 60 percent of people do not believe the program will be able to pay them benefits when they retire, according to a recent Gallup poll. The GOP has argued that increased life expectancy, baby boomers' looming retirement, and flat revenues are sinking the program's finances. Douglas Elmendorf, director of the nonpartisan Congressional Budget Office, writes that the deficit for Social Security's trust funds will reach $77 billion in 2020. However, Harry Reid has a different assessment. The Senate majority leader regards Social Security as "the most successful social program in the history of the world," writes Thomas Jefferson Street blogger Brandon Greife. If the 75-year-old entitlement program is in danger of extinction, it might be the Republicans, not the Democrats, who will eliminate our annual deficits and put the necessary measures in place to fix it, argues Greife. [See which industries donated the most to Reid's campaign.]
What do you think? Is Social Security's future doomed, or can it be saved? Take our poll and post your thoughts below.
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