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The latest on the Key Bridge collapse, New York puts forth legislation to get clean energy projects on the grid and Wisconsin and other states join a federal summer food program to help feed kids across the country.

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Republicans float conspiracy theories on the collapse of Baltimore's Key Bridge, South Carolina's congressional elections will use a map ruled unconstitutional, and the Senate schedules an impeachment trial for Homeland Secretary Mayorkas.

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Social Security Turns 75; Opts to Keep Working

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Monday, August 9, 2010   

PORTLAND, Ore. - This week marks 75 years since the creation of the Social Security system, signed into law by President Roosevelt on August 14, 1935 - although there may be more interest today in the future of Social Security than its past.

About 16 percent of the Oregon population receives Social Security, including 90 percent of Oregonians over age 65. Rick Moody, a national director for AARP, visited Oregon over the weekend to answer members' questions about what he calls some of the myths that could make it harder for the country to agree on how to keep Social Security financially stable. One is that the system is in financial trouble. Moody says that is not the case.

"Social Security's not broke. It's just that it needs to have a few corrections like we did in 1983, and I think that'll happen. The sooner we do it, the better. But it won't deal with the deficit, and we're going to have to do something else to deal with that."

In 1983, Congress opted to tax some Social Security benefits and added federal employees to the list of people paying payroll taxes into the system.

Another myth, according to Moody, is that Social Security will be a drain on the federal budget. However, he says, the two are separate issues.

"What we do on Social Security really will not help us much with the federal deficit, because Social Security, for the last 25 years, has been running surpluses. Really, we're already collecting more for Social Security than we need to pay out."

A new report from the Social Security trustees says even without any changes, the system will be solvent through 2037. In Moody's view, that's not good enough for future recipients. He says AARP is studying several proposed changes to the system, although it has not taken a stand on any plan so far.

Today, an additional concern is that Medicare is in much worse financial shape than Social Security, which has major implications for the 45 million seniors covered by Medicare.

Details about Social Security's 75-year history are online at www.ssa.gov.



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