But let's let Socialist Senator Bernie Sanders of Vermont -- yes, he is a self-described democratic socialist -- tell us the truth about Social Security (h/t Talking Points Memo):
Is Social Security "going broke"?
No! Social Security is not going broke. According to the Social Security Administration, the Social Security Trust Fund has a surplus today of $2.8 trillion. This sum, plus revenue that comes in every day, can pay out every benefit owed to every eligible American for the next 20 years. In 2033, unless Congress acts, Social Security will be able to pay out only 75 percent of benefits owed. Congress must act and make Social Security strong for the next 50 to 75 years...
What is a fair and sensible long-term funding solution to Social Security?
The fairest approach to making Social Security fully solvent for the next 50 years is to lift the cap on taxable income, now at $113,700, and apply the Social Security payroll tax on income above $250,000. Right now, someone who earns $113,700 a year pays the same amount in Social Security taxes as a billionaire. This makes no sense. Applying the Social Security payroll tax on income above $250,000 would only impact the wealthiest 1.3 percent of wage earners. In other words, 98.7 percent of wage earners in the United States would not see their taxes go up by one dime under this plan.Read all of Sen. Sanders' remarks at TPM. Remember, the rich get the same Social Security we do, only more of it. And while you're at it, also remember that we should be expanding Social Security, not cutting it. (Also, too, expand Medicare to all. That's right, I just got back from weeks in Europe, where they all have universal health care. Wanna check the health statistics?)
|Hmm...I wonder if Social Security is good for America.|