Senate Majority Leader, Harry Reid, just last year, it is:
Unfortunately for Mr Reid:Interviewed Sunday on NBC's "Meet the Press," Reid said he's bothered that people "run to Social Security" when "we start talking about the debt." "Social Security is a program that works and it's going to be, it's fully funded for the next 40 years. (So) stop picking on Social Security," he said.
When host David Gregory asked if the program was in crisis, Reid replied: "No, this is something that's perpetuated by people who don't like government." Then he reiterated his opinion that "Social Security is fine."
The entitlement, established in 1935, has historically run surpluses. But payouts have begun to exceed revenue. Last year, the program ran a temporary deficit of $41 billion, and this year it will also pay out more than it takes in.
Temporary becomes permanent, however, in 2015, when the red ink returns one year sooner than the government's previous projection. From there on out, Social Security is projected to pay out $7.9 trillion more in benefits than it will receive in tax revenues.