FOR IMMEDIATE RELEASE
January 11, 2005
Kurt Gallagher
(202) 639-6491

John Gage Calls Bush Statements on Social Security Trust Fund Erroneous


(WASHINGTON)—John Gage, national president of the American Federation of Government Employees (AFGE), which represents the National Social Security Council, said assertions made today by President Bush that Social Security is in crisis and that the program is going broke are inaccurate.

"There absolutely is no crisis for Social Security," said Gage. "It is reckless to play upon the fears of the American public."

The National Social Security Council has raised questions about the numbers cited by the White House. "The Social Security Administration and the Congressional Budget Office project three possible scenarios for Social Security: a conservative estimate based upon virtually no economic growth in the U.S. over the next 75 years, a middle of the road estimate based upon reasonable economic expectations, and a third model anticipating robust economic growth. Only under the conservative projections do funding issues for Social Security occur. Yet the conservative estimates assume an economic situation that has never existed in the U.S. over such a long period of time," said Gage.

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