Teamsters Say Report Shows Social Security Remains Healthy

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International Brotherhood of Teamsters

Aug 05, 2010, 05:39 ET

Hoffa: Social Security Is Working Despite the Tough Economy

WASHINGTON, Aug. 5 /PRNewswire-USNewswire/ -- Social Security is still healthy despite a difficult economy, Teamsters General President Jim Hoffa said today.

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The board of trustees of the Social Security Trust Funds released its annual report to Congress today. The report showed the long-range outlook for the funds remains unchanged.

"Social Security is alive and well, despite the toughest recession in generations," Hoffa said. "Everyone who qualified for a Social Security check got one – on time and for the full amount. In addition, Social Security has enough money to pay all monthly benefits for the next 27 years. It's the most important way America has to protect working families and it must be preserved."

Hoffa said the trustees' report did what was supposed to do: provide an early warning system for potential problems far into the future. He said today's report showed that Congress may need to make some small adjustments to restore Social Security's long-term solvency.

"Social Security didn't cause the deficit, tax cuts for the rich did," Hoffa said. "It is irresponsible to talk about robbing American workers of their hard-earned protections to pay down the deficit. We need to stop paying attention to corporate think tanks and billionaires who want to get rid of Social Security because they hate the idea of it."

The Teamsters are members of the Strengthen Social Security Campaign, along with other labor unions and progressive organizations.

Founded in 1903, the International Brotherhood of Teamsters represents 1.4 million hardworking men and women throughout the United States, Canada and Puerto Rico.

SOURCE International Brotherhood of Teamsters