Site Map Icon
RSS Feed icon
 
 
 
April 29, 2017
The Truth About Social Security: It is Solvent!
Posted On: Oct 26, 2011

Dear Citizens,
 
Republicans hate Social Security because it has been an extraordinary success and has done exactly what it was designed to do. It is the most successful government program in our nation's history and is enormously popular. When Social Security was developed, 50 percent of seniors lived in poverty. Today, that number is 10 percent -- still too high, but a testament to the success of Social Security.

Republicans have spent years demonizing Social Security and spreading lies about its sustainability. They want to scare Americans and build support for making drastic cuts to the program or privatizing it entirely. Their long-term goal is to end Social Security as we know it, and convert it into a private account system which will enable Wall Street to make hundreds of billions in profits.

The truth is that today, according to the Social Security Administration, Social Security has a $2.7 trillion surplus and can pay out every benefit owed to every eligible Ame rican for the next 25 years. Further, because it is funded by the payroll tax and not the U.S. Treasury, Social Security has not contributed one nickel to our deficit.

Now -- in a prolonged recession that has decimated the poor and middle class and pushed more Americans into poverty than at any point in modern history -- we need to strengthen Social Security. That's why I, along with 9 co-sponsors, have introduced the "Keeping Our Social Security Promises Act." This legislation would lift the Social Security Payroll tax cap on all income over $250,000 a year, would require millionaires and billionaires to pay their fair share into the Social Security Trust Fund, and would extend the program for the next 75 years.

For 76 years, through good times and bad, Social Security has paid out every benefit owed to every eligible American. The most effective way to strengthen Social Security for the next 76 years is to scrap the payroll tax cap for those earning $250,00 0 a year or more.

Right now, someone who earns $106,800 pays the same amount of money into Social Security as billionaires like Bill Gates and Steve Jobs. That is because today, all income above $106,800 is exempt from the Social Security tax. As a result, 94% of Americans pay Social Security tax on all of their income, but the wealthiest 6% do not.

That makes no sense.

The "Keeping Our Social Security Promises Act" will ensure the long-term solvency of Social Security without cutting benefits, raising the retirement age or raising taxes on the middle class.
 
Social Security is keeping tens of millions of seniors out of poverty today. I can think of no more important issue facing our country today than making sure that Social Security remains strong for generations to come.

Thank you,        Senator Bernie Sanders
 
 
Final Thoughts, from Harper's Index, March 2011
Percentage of Americans who say government programs don't help their families: 54
Portion of American families that received federal benefits in the past two years:  7 of 10


Member Login
Username:

Password:


Not registered yet?
Click Here to sign-up

Forgot Your Login?
<< April 2017 >>
S M T W T F S
1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30
Organize Today
Learn more about organizing your workplace!

Click Here
 
 
IBEW local 14
Copyright © 2017, All Rights Reserved.
Powered By UnionActive™

199861 hits since May 23, 2010
Visit Unions-America.com!

Top of Page image