Student debt now exceeds $1 trillion, surpassing credit card debt for the first time. The average college senior in 2010 graduated with over $25,000 in outstanding loans. Now, in less than two months, graduates face the possibility of the interest rates on Federal Direct Stafford loans doubling from 3.4 to 6.8 percent if Congress fails to act to pass an extension bill. But Congress once again seems to be more concerned with election-year politicking and posturing than really addressing the issue facing our nation’s future leaders.
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This week the, 2012 Social Security Trustees Report was released. Since its release, the mainstream media has been using selective citing of the report in order to exaggerate a financial crisis and sensationalize an “imminent demise” for the program. It is certainly true that maintaining the solvency of the Social Security Trust fund will require that modest changes be made to the program. However, there are much better solutions than the slashing of benefits for recipients, such as lifting the cap of taxable income. In our effort to continuously Fight Truth Decay, we want to share some important key points revealed in the Trustees report that were developed by the Strengthen Social Security Campaign.
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