Social Security can survive without benefit cuts

Congress can improve the solvency of Social Security without forcing those who can least afford it to bear most of the burden.

Source: Social Security can survive without benefit cuts

Insider’s Report: The Truth About Social Security

Social Security can survive without benefit cuts

Max Richtman, president and CEO of the National Committee to Preserve Social Security and Medicare

Tuesday, 24 Jan 2017

You know they’re coming for Social Security when you start hearing false claims about the program going “bankrupt.” And right now that chatter is at a fever pitch in Washington as our opponents employ scare tactics and false justifications to cut benefits and dismantle this extremely successful program.

Supporters of the agenda to slash earned benefits don’t think twice about using Social Security to reduce the federal deficit or pay for massive tax breaks benefiting the wealthiest Americans. And you might be wondering if Social Security can survive this dangerous political environment when it seems everything is on the negotiating table in Congress. Well I’m here to tell you: It can.

It starts with getting out the truth about this extremely successful program. And the fact is that Social Security is healthy and can continue to pay full benefits until the year 2034. And there are reasonable, modest steps that can be taken to improve Social Security’s future solvency, but Congress should not force those least able to afford it to bear most of the burden.

Rather than cut benefits, raise the retirement age or privatize this program as some in Washington are now calling for, Congress should raise the payroll tax cap so that millionaires pay their fair share into the program

(the current tax cap is set at $127,200). The National Committee is working with Rep. John Larson (CT-01) to reintroduce legislation that would do just that. Of course those determined to slash Social Security never mention this simple solution …

So it’s clear that the battles lines are being drawn and the war on Social Security is well underway in Washington. That’s why the National Committee needs all hands on deck to fight back against this radical agenda that jeopardizes the retirement security of current and future beneficiaries.

Read more here.

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