That is not only untrue -- IT IS AN OUTRIGHT LIE! The truth is that the system is not broke at all. In fact, it has a surplus of $2.7 trillion. A new Social Security Trustees Report should be released this week, and guess what -- it is expected that the surplus will be even larger this year. That's a long way from being broke.
Is the Social Security system, as currently funded, good enough to survive forever? No. About 25 to 30 years down the road the system will only be able to pay about 70% to 80% of benefits owed. But there is a simple and easy fix for that. Simply remove the cap on the amount of income subject to FICA taxes (the cap is now set at about $160,000). This would not affect the working class and most of the middle class. It would just make the rich pay the same percentage in FICA taxes that workers already pay.
That one simple fix would fully fund Social Security so it could provide full benefits not for just another 30 years, but far into the future (and I'm talking centuries, not decades). There is absolutely no reason to raise the retirement age or to cut benefits.
Don't believe the Republican lies about Social Security. Demand the rich pay the same percentage as working Americans in FICA taxes. That's all that's needed.
Republicans lie? Hell, I think it is almost impossible to find something that republicans are telling the truth about.
ReplyDeleteIt's easy to catch them in a lie..when they open their mouths.
ReplyDeletePresidential candidate Mitt Romney was actually criticized by his fellow Republican nominees for not wanting to privatize Social Security enough. Still, the future of this program is certainly going to be an issue throughout the campaign leading up to the general election, and we would only add that in addition to the retirement side of the program you discuss here, Social Security is also an invaluable form of life and disability insurance for countless Americans.
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