Allard Says Social Security Benefits Gone By 2018

January 14 2005, 6:11 AM
U.S. Sen. Wayne Allard spoke at a town hall meeting in Greeley. He isn't towing President Bush's line on social security. According to the Greely Tribune, the Colorado Republican told the 20 or so constituents in attendance:
"I believe we have a problem with Social Security that will emerge in 2018...At that point in time, Social Security pay out will be more than what is in the fund put in by working people or employers." Allard said there are no reserves in Social Security because what is there is automatically transferred into the general fund, leaving a debt of $28 trillion. But he doesn't believe the money will ever be repaid to the fund. "The money is spent," he said. "I don't believe in my own opinion we'll be able to raise the funds to pay it back.