The graphic says it all!
Since, alas, I haven't yet figured out how to put graphics on this blog, I want everyone to go take a look at this very important chart here. Whatever else is said and done, Social Security's long-term outlook has actually improved this year--as the report itself says, "After 2030, however, the annual balances [for Social Security] in this year's report are larger." Now everyone's going to focus on the fact that the date the Trust Fund supposedly runs out has been moved back a year, but that's a rather meaningless figure. The more important fact is that the outlook for Social Security is healthier in 2005 than it was in 2004, even with some of the more pessimistic assumptions used this year.