2005 Social Security Trustees' Report

The 2005 Social Security Trustees' Report has been released, and will be the subject of a press conference by Treas Sec Snow at 12:30PM.  The bottom line is that the two dates that have been focused on - 2042 for trust fund exhaustion, and 2018 for when yearly revenues begin to fall short, requiring the trust fund to be drawn on, have been moved up a year - to 2041 and 2017 respectively.

More below

I am currently reading the report and will probably have more comments, as will I'm sure others here and elsewhere.  My first reaction is that they've tweaked a few crucial assumptions to be more pessimistic, causing the move-up by a year.
It's still the case that the intermediate assumptions are about as pessimistic as the pessimistic assumptions used to be, 20 years ago when I was working on this stuff on the Hill. Here's the link for the Trustees' Report - http://www.ssa.gov/OACT/TR/TR05/index.html