Released on = August 21, 2007, 6:39 am

Press Release Author = Lala C. Ballatan

Industry = Law

Press Release Summary = The Social Security\'s Board of Trustees, which is a
bipartisan panel with six members overseeing the financial transactions being
carried out by the Social Security Trust Funds Administration, released their
Trustees Report for the year 2007 last Monday. This reinforced the predictions that
the Social Security can no long pay in full the promised benefits to its future
generations largely due to the changing demographics of the country.

Press Release Body = The Social Security\'s Board of Trustees, which is a bipartisan
panel with six members overseeing the financial transactions being carried out by
the Social Security Trust Funds Administration, released their Trustees Report for
the year 2007 last Monday. This reinforced the predictions that the Social Security
can no long pay in full the promised benefits to its future generations largely due
to the changing demographics of the country.

Los Angeles, California, August 16, 2007 - According to U.S. Representative Ron
Lewis (KY-02) of the Social Security\'s Ways and Means Subcommittee: "This report
reminds us of why Social Security reform and overall entitlement reform is so
important.

Moreover, he said, \"the facts of this report are undeniable. Millions of baby
boomers are nearing retirement while the costs necessary to sustain Social Security
and Medicare are growing exponentially. This report should refocus our concern and
reinvigorate our efforts to address the serious challenges these programs face."

According to the SS Trustees\' Report, the tax revenue on Social Security will start
to fall short to provide for benefit costs starting in the year 2017. Furthermore,
by the year 2041, the revenues intended for the trust fund will become exhausted.
This means that the Social Security would only be sufficient in financing about 74%
of its promised benefits.

According to the Trustees report, they have set a projection of 27% cut on the SS
benefits. If not, then the payroll tax need to be increased by at least 50% in order
for the Social Security to pay the full benefits, as promised.

Lewis said that the Social Security\'s issue is a neither a Republican nor a Democrat
issue. It needs to be an issue concerning every American. He also issued a challenge
that they must not leave such non-reform choices like huge tax increases, massive
benefit cuts and enormous deficits to the future generations.

Recently, Lewis initiated the Social Security Guarantee Plus Act, a legislation that
would keep the safety net around Social Security and its promised benefits intact.
The Act contains a Guarantee Plus plan which has three fundamental principles:

1. All workers must be treated fairly
2. Individuals must own and have control over their retirement funds
3. Social Security benefits is to be guaranteed fully for all Americans throughout
the next 75 years and further without tax increases, benefits decrease and
retirement age raise

He also challenged the members of Congress to set aside partisanship in their
conduct of politics and \"do what's best for today's seniors and tomorrow's retirees.
Recent history shows that comprehensive reform is possible. Congress needs to work
together to explore every possible option to restore confidence in Social Security
and ensure the solvency of our most important entitlement programs."


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