GOP Is Lying About Social Security

The Republicans have been saying for a while now that the Social Security System is in imminent danger of going broke, and won't be able to pay for the benefits owed to the "Baby Boom" generation let alone future generations of Americans. It is commonplace to hear them say there won't be any Social Security for those who are young right now when they reach retirement age. They say that we must privatize Social Security, or at the very least, raise the retirement age and cut benefits.

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.