Bernie Sanders - My Turn: Defending Social Security

[ProSense]

My Turn: Defending Social Security

By Sen. Bernie Sanders

Despite its success, however, Social Security now faces unprecedented attacks. Just about every day, in one form or another, we hear from our conservative friends that Social Security is in "crisis," that Social Security is going "bankrupt" and that the Social Security Trust Fund contains nothing more than a pile of worthless IOUs.

Rep. Paul Ryan, the new House Budget Committee chairman, has been open about his desire to partially privatize Social Security, lower cost-of-living adjustments and drastically cut benefits. President Obama's deficit commission called for increasing the retirement age to 69, reducing COLAs, and cutting benefits for future retirees making as little as $42,000 a year. If the American people are not prepared to fight back, the dismantling of Social Security could begin in the very near future.

There has been a lot of misinformation about Social Security. Here are the facts. Social Security is not in crisis and will be able to pay 100 percent of promised benefits for the next 26 years, according to the latest Social Security Administration report. After 2037, Social Security still will be able to pay about 78 percent of promised benefits. Social Security today has a $2.6 trillion surplus that is projected to grow to $4 trillion in 2023.

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While Social Security is strong for a quarter century, Congress should stabilize it for the longer term. I agree with President Obama, who has called for raising the $106,800 cap on income subject to the Social Security payroll tax. Making those with incomes of $250,000 and more pay at the same rate as those with less income would make Social Security fully solvent for generations to come.

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[ProSense]

1. Kick! n/t

[CTyankee]

2. Is there no real money in the SS trust fund? Has it been "robbed" ?

I really don't get the people who talk about SS as if it is causing the deficit. What is their argument when you respond with these facts? Do they just fold up or do they have a response?

I'd really like to know...