Josh Marshall at talkingpointsmemo has the story:
In a townhall meeting on Social Security in Beverly Shores this week, Rep. Chris Chocola (R) of Indiana got a question many members have been getting this week. A constituent asked why we can’t raise or eliminate the payroll tax cap as a way to strengthen the Social Security system and ensure its long-term solvency. Chocola responded, according to the local paper, that “that would buy about seven years but he is looking for long-term solutions.”
Well, that’s just not true. Or, if you want to say it’s true because it’s vague, it is nonetheless highly misleading.
Let me explain.
[Regarding a memo from the Social Security Administration about possible fixes] What does it say?
It says that whereas the Trust Fund is scheduled to be exhausted in 2042 under current law, this change would keep the system solvent through 2079 (ed.note: under SSA scoring procedures they don’t go past 75 years, thus the date 2079).
In 2079, Trust Fund would be shrinking. But measured as a percentage of the annual budget of Social Security it would be slightly larger than it is now. Now, I don’t know about you but that sounds like it extends solvency considerably past 37 years, not 7 years.
There’s more at the link. Why do our Republican congressional representatives insist on distorting Social Security facts to get their way? Write your representative today or let Rep. Chocola know you don’t like being misled about the facts.
Update: For more information on the reality of Social Security reform and the stories behind it, check out There Is No Crisis.
Update 2: Media Matters for America has a similar critique of Rep. Chocola’s misuse of numbers with a better example:
this seven-year figure refers only to the effect that lifting the cap would have on the date when the program stops running annual surpluses. Under current law, the Social Security trustees predict that this will occur in 2018; lifting the cap would extend this date to 2025. But this seven-year figure conceals the impact that lifting the cap would have on the real “problem” that Social Security faces: its long-term inability to pay all benefits promised under current law.
The Social Security trustees project that removing the income cap entirely would enable the the program to pay all benefits currently promised for 37 more years — from 2042, as projected under current law, to 2079. That’s because if the cap were eliminated, the surpluses accumulated prior to 2024 would be substantially larger than projected under current law, and subsequent annual deficits would be smaller