For Immediate Release
Alan Barber, (202) 293-5380 x115
Just Like Everyone Else, Politicians Will Be Able to Get Social Security Benefits for Decades to Come
WASHINGTON - Social Security is now in its 77th year of providing economic security to millions of Americans. And as Congress reconvenes this week, the program is sure to be a hotly discussed issue over the course of this session. Recently, some politicians -- Governor Rick Perry and Senator Marco Rubio, for example -- have claimed that Social Security is bankrupt or that it won’t be there for future generations. A new issue brief from the Center for Economic and Policy Research (CEPR) clearly demonstrates that Social Security will be able to pay full benefits for all Senators through 2038 and a little over 80 percent of their benefits thereafter, even with no changes to the program at all.
The CEPR issue brief uses projections from the Social Security Trustees Report and the Congressional Budget Office to show the payable Social Security benefit for every Senator in the 112th Congress. In all cases, the Senators will receive a substantial benefit after they retire as long as they live. In Senator Rubio’s case, he would receive a benefit of $41,439 a year if he retires at age 67 in 2038 and $33,151 (both in 2011 dollars) every year from then on for the rest of his life.
The issue brief and table of benefits for U.S. Senators can be found here.
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The Center for Economic and Policy Research (CEPR) was established in 1999 to promote democratic debate on the most important economic and social issues that affect people's lives. In order for citizens to effectively exercise their voices in a democracy, they should be informed about the problems and choices that they face. CEPR is committed to presenting issues in an accurate and understandable manner, so that the public is better prepared to choose among the various policy options.