I'm 54 and I could SCREAM when I hear "anyone over 55 doesn't need to worry about Social Security"

[spin]

124. The future of Social Security is complicated. ...

Which is why I try to elected intelligent people to represent me in Congress.

I will agree that it is unlikely that the Great Recession will last for 20 more years. One scary thought is that the report you linked to stated:

Compared to last year’s report, recovery from the recent recession takes 1 year longer, with the economy returning to its full employment level in 2019.
http://www.ssa.gov/OACT/tr/2012/IV_B_LRest.html#219007

That would mean that even if Obama was reelected the recession would outlast his entire second term! The Republicans might then take over running the nation in 2016 with control of the White House and Congress and claim the full recovery in 2019 to their efforts. If this scenario happens we could see 8 to 12 years of Republicans in the White House. I was hoping for a full recovery in Obama's second term.

I still feel we need to insist that those we elect to office work NOW to preserve this very important program for the future as suggested in this report from 2009.

Social Security: What Would Happen If the
Trust Funds Ran Out?

Christine Scott
Specialist in Social Policy
August 20, 2009

Social Security solvency could be restored by cutting Social Security’s spending, increasing its
income, or some combination of the two. Over the long range (i.e., over the next 75 years), the
Social Security trustees estimate that the trust funds have a shortfall of $4.3 trillion in present
value terms, or 1.7% of taxable payroll. The sooner Congress acts to fill this gap, the smaller the
changes to Social Security need to be, because earlier changes could be spread to a larger number
of workers and beneficiaries over a longer period of time. If Congress waits until the moment of
insolvency to act, the trust funds’ annual deficits could be eliminated with benefit cuts of about
22% in 2041 that will gradually rise to about 25% by 2082. Congress could also eliminate annual
deficits by raising the Social Security payroll tax rate from 12.40% to 15.94% in 2041, then
gradually increasing it to 16.60% by 2082. To maintain annual balance after 2082, larger benefit
reductions or tax increases would be required.

Prompt action to restore Social Security solvency would be advantageous. The trustees project
that the combined trust funds will begin to run annual cash-flow deficits in 2017, requiring the
redemption of government bonds accumulated in earlier years. The Disability Insurance (DI) trust
fund is already running cash-flow deficits. Cash-flow deficits do not affect Social Security
directly, but the redemption of the trust fund bonds puts pressure on the overall federal budget,
which is in deficit. Earlier changes would allow workers and beneficiaries time to adjust their
retirement plans. Finally, if Congress were to act today, the benefit cuts or tax increases necessary
to restore solvency until 2082 would be about half as large as those needed if Congress waited
until the trust funds became insolvent to act. This report will be updated as events warrant.
http://aging.senate.gov/crs/ss1.pdf