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 American 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.
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 $250,000 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.
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