Social Security head spurs student interest

Eagerly awaiting this weekend's Spring Fling festivities, retirement and Social Security benefits are the last things most University students are pondering right now. But Social Security Commissioner Shirley Chater visited the University yesterday to spur student interest in the value and future of the United States' Social Security program. A graduate of the School of Nursing's undergraduate program, Chater said she was proud to return to the University to discuss Social Security with college age students, during an interview before her speech. She stressed that money collected from payroll taxes currently surpasses the demand for Social Security. Investment of these excess funds in treasury bonds has enabled Social Security to save close to $500 billion. "If we don't do anything at all, 75 percent of all benefits could be paid to people who'll retire in 2030," Chater said. "However, we want to make the program completely solvent." Due to the expected needs of the "baby-boomers" -- the generation expected to garner Social Security benefits in 2030 -- Chater suggested that moderate changes be implemented gradually to prevent future insolvency. "I honestly believe that my two children, who are in their 30s, will benefit from Social Security," Chater said. "I am here to tell you that Social Security is there for you today and will be there for you in the future." According to Chater, the media negatively portrays the future of Social Security. Chater noted that she came to the University primarily to inform people about an upcoming report developed by the Social Security Advisory Council. Seventeen prestigious individuals in the field have met over the past year to compile the report, which will be released this June. The report will most likely include suggestions -- such as increasing the retirement age and privatizing funds by investing in the stock market -- aimed at improving the future solvency of Social Security. Chater said she is doubtful that November's presidential elections will affect support for changes in the Social Security program. "The solvency problem is there and it has to be solved," Chater explained. "Everybody agrees that this is an important social program, non-partisan in nature." But Chater said she was concerned the American people would oppose a change in the current system because of the security the program offers. In light of this, Chater explained why public education and discussion of Social Security is important. "While we may need to do some refinements on this structure that we call Social Security, the basic structure has been sound for 60 years," Chater said. "And with your help, will continue to remain sound for years to come."