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Don’t believe the myth that Social Security is going broke

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Sen. Bernie Sanders NAILS IT.

A few excerpts:

[L]et’s be clear: Despite all the right-wing rhetoric, Social Security is not going bankrupt. That’s a lie!

The truth is that the Social Security Trust Fund has run surpluses for the last quarter century. Today’s $2.5 trillion cushion is projected to grow to $4 trillion in 2023. The nonpartisan Congressional Budget Office, experts in this area, say Social Security will be able to pay every nickel owed to every eligible beneficiary until 2039.

(Snip)

It is true that by 2039, if nothing is changed, Social Security will be able to pay out only about 80 percent of benefits. That is why it is important that Congress act soon to make sure Social Security is as strong in the future as it is today.

The hatred of Social Security from the right-wing, anti-government crowd is based on the fact that the government program has been enormously successful in accomplishing its mission. For 75 years, in good times and bad, Social Security has provided financial security for tens of millions of Americans. 

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9 Comments

  1. The echo boomers entering the workplace today almost reach the number of the baby boomers, but they have more women that work. It ain’t going broke.

  2. Mike Carroll

    Just one of the many reasons I visit Applesauce on a regular basis. A financial lecture from the one Senator at least honest enough to admit that he is a Socialist. Where else can I get this kind of comic relief this early in the morning.
    Can we next see a posting on how that “Surplus” is carefully kept in Al Gore’s famous lockbox?

  3. In 2039 I will be 67 years old, and having only 80% of my benefits available greatly concerns me NOW, as in TODAY. So don’t give me this 2039 is a long way off stuff, because it isn’t.

    Either privatize it and let me take that 6% currently toward to OASDI today and add it to the 12% I’m currently saving, or go ahead and tax the ultra-rich. I really don’t care, but do something.

  4. Here’s an article from the NY Times on the same topic. It seems to tell a different story:

    http://www.nytimes.com/2010/03/23/us/politics/23fiscal.html

    “By 2016, Social Security will begin paying more in benefits than it collects in payroll taxes, according to the annual report of government trustees; reserves in the form of government i.o.u.’s will be exhausted by 2037, after which incoming taxes will cover three-quarters of benefits.”

  5. Sanders may be a Socialist, but I noticed that you did not say he was wrong. If you can’t attack the message I guess the next best thing is to attack the messenger.

  6. Jerry: You’re right. The fact that Sanders is an avowed socialist doesn’t diminish the truth of what he says in the least.

  7. Unless of course he’s not telling the whole truth.

  8. Mike Carroll

    Jerry Critter and Pat-I should have thought that my “comic relief” comment or the quotation marks around Surplus were self evident but perhaps not. Today is not a day for subtlety I assume.
    The “Surplus” consists of Federal government IOUs. Period. A promise to pay future obligations with future tax revenues, nothing more. There is no there there.
    Given our current and projected debt that is similar to relying on your chronically unemployed drug addled brother in law to repay the 100 bucks you just gave him. Might happen. Wouldn’t bank on it.

  9. Pat and his socialist friend are living in a fantasy world. Notice how it comes around in the article to, higher earners paying more. Sure pay more if you get more, which you know will not happen.

    http://www.ssa.gov/OACT/TRSUM/index.html

    Read the part “KEY DATES FOR THE TRUST FUNDS”

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