"Social Security Hearings: Grassley Starts Off Badly"
The Senate Finance Committee is conducting major hearings this morning on Social Security reform. ThinkProgress will be providing live updates throughout. You can watch the hearings live at CSPAN.org, or read more about them here.
Senator Grassley, 4/26:
Each of the proposals we will be discussing today achieves the goal of sustainable solvency.
Not quite. Let’s review —
Pozen plan: Would only eliminate half of the long-term Social Security shortfall through massive benefit cuts for the middle class.
Ferrara plan: Transfers $68 trillion over 75 years from general revenues. Since the government is already running a deficit, this money would have to be borrowed.
Tanner plan: Achieves solvency only by completely dismantling the retirement portion of Social Security.