Bernie Sanders writes, "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."
Vermont Sen. Bernie Sanders, 06/28/11. (photo: LA Times)
Why Do Republicans Hate Social Security?
22 September 11
epublicans 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 American for the next 25 years.
Further, because it is funded by the payroll tax and not the US 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 nine 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.
Join me now as a citizen co-sponsor of the Keeping Our Social Security Promises Act.
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.
Join me and Democracy for America in fighting to strengthen Social Security - Sign on as a citizen co-sponsor of the Keeping Our Social Security Promises Act.
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.
-Bernie
Senator Bernie Sanders
US Senator from Vermont
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Comments
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That's the bottom line...
If it was they could invest it in Wall St to reap enormous profits then devastate its value.
That's something to kill for... just like oil!
( wishful thinking )
consciousness. Interestingly, though, many who vote Republican actually are, in the economic sense, poor or nearly poor--not wealthy, anyway. How amazing that neither teachers nor media have undertaken any serious effort to teach these near-poor that they are being exploited by the corporate masters of the Republican party. Evidently, the media and the teaching establishment have been brain-washed into thinking that to report this exploitation would somehow be to violate the canon of "balance" or, worse yet, would be to foment "class warfare." So we have arrived at a state of "political correctness" in which some perfectly obvious features of the American political scene simply go unreported and uncommented, and a great many Americans are left in ignorance on how their economic security is been undermined.
Boo Hoo ..
PS: SSA is broke that is why we are printing ..er borrowing 43 cents of ever federal dollar spent.
Reagan was at least smart enough to figure out that he could at least have a hand in fixing it. That was 25 years ago. Dontcha' think maybe we need to update the formula? Real hard. I must have exerted about 2 brain cells. Do you guys have even that many to spare after you spend all your time trying to only 2 things.
First and foremost get that Black Democrat out of the White People's House. And second, lets make sure any tax dollars we do collect are deposited directly into the bank accounts of rich people.
I know you are not a rascist and you are offended by my accusation. Tough. But I will give you this. If a person is Black and rich he is OK. As long he behaves and doesn't make any noise like Rev. Wright did.
at the end of WW I - millions of troops came home with no jobs and industry was geared for a war that was over. Fed gove cut actual spending by 25 % and got the hell out of the way - the e3conomy rebounded nicely - real wealth for even the common man zoomed.
FDR's depression did not end till 1946.
War only ends depression for military industrial complex. It is not productive unless you think that massive rationing and mass killing is a good idea.
Really? OR just pandering.
These government securities .. when they get cashed out - exactly where is that money going to come from?
What Does Government Security Mean?
A government debt obligation (local or national) backed by the credit and taxing power of a country with very little risk of default.
Read more: http://www.investopedia.com/terms/g/governmentsecurity.asp#ixzz1YmTjlP5g
In short - we are expected to pay twice.
Once when the FICA money that never gets into SSA is spent in the general funds and replace with an IOU (SSA asset- 2.7 trillion) ironically called a security
and the second time - when the security matures and needs redeemed.
Too late - CONgress spent it the day it showed up.
Jack Lohman
http://MoneyedPoliticians.net
1. A Democrat, FDR, championed and passed it and it worked.
2. It helped those in need, violating the current GOP theme of despising the poor and needy.
3. When the GOP administration blunders led to the Great Depression, Social Security helped many of their victims. The GOP repeated the harm in 2008, and Social Security was there to help many. Thus, they are again embarrassed.
During the booming 1990s an arch-GOP colleague despised the boom and bull market, decrying stock gains and new company success. The reason: it was on Clinton's watch.
The GOP draws greedy, envious, jealous, immature, vicious, naysaying twits. Who hate America and Americans. The nation best wake up and recognize this.
The poor must die off as soon as their exploitability has ended due to ill health or simply worn out bodies. No reason exists to keep them alive. They have minimal proclivity to support right wingers in pursuit of power and its abuse.
GET THIS PUBLISHED IN LOCAL NEWSPAPERS IN
EVERY STATE SO THE PEOPLE WHO ARE NOT AWARRE THAT OF WHY SOCIA SECURITY IS A SUCCESSFUL AND ESSENTIAL PROGRAM FOR SENIORS THAT SENIORS HAVE A RIGHT TO LOOK FORWARD AFTER PUTTING THEIR OWN $$$
INTO THE PROGRAM WHEN THEY RETIRE. IT IS THE GOVERNMENT WHO HAS NO RIGHT TO SPEND THESE FUNDS AND THEN MANIPULATE THE US CITIZENS BY PROMULGATING IT AS THE MAIN CAUSE OF DEBT. SOCIAL SECURITY IS NOT AN "ENTITLEMENT' OR "WELFARE", IT IS A WELL THOUGHT OUT PROGRAM SENIORS ARE ENTITLED TO. THANK YOU BERNIE FOR HAVING THE COURAGE TO SAY WHAT NEEDS TO BE SAID!
What an amazingly false and hateful statement.
Where is the money going to come from to make good on the 2.7 trillion surplus Berni claims we are sitting on?
Before getting mad at me and posting ignorant vitriol get an answer to this question:
What is a government security?
Having learned from my 69 years, on the planet, one of the things I learned long ago is when a lot of people start believing something different, at the same time or in a short period of time, you can bet your bippy that man’s fingerprints is all over the reason.
The answer to the question is located behind the following website.
http://zfacts.com/metaPage/lib/Cato-Heritage-1983-Lenin-Plan.pdf
The think tanks and the religious right have more in common that one may be aware of, for some names appear at the top of both movements; and that simply is no coincidence. Yes. I believe in conspiracies, because I believe the bible.
Administration's account in the Treasury's 'bank' where they are used to purchase the equivalent of
Treasury bonds which draw the same interest as regular Treasury bonds. This, by law is as the Congress under FDR's plan is required to do. Our Social Security contributions have been deposited in U.S.government- backed Treasuries because they are considered the safest possible place to put the funds while still drawing interest on our accounts. At that point, Congress can, as with the income from the deposit of receipts from the sale of regular Treasuries, wage wars, inspect foods, regulate air travel, and so on.
There are Ponzi schemes and then there's Social Security. For the last ten weeks every politician from Obama to Sanders has been harping about the out-of-control social costs of Social Security and Medicare and our immediate need to raise taxes and reduce benefits. These political ideologues are liars because the entire Social Security system is nothing but lies.
According to the Social Security Administration, the average recipient collects $500,000 in retirement benefits but pays in only $278,000. Wrong! What they conveniently don't mention is that if the average beneficiary pays in $278,000 and the employer matches that with an equal amount, SS collects $556,000 per recipient.
Some years ago I had a good friend who worked as an actuary for NY Life. I asked him to figure out how much NY Life would pay me upon retirement at age 65 if I had paid all SS fees to them along with those I paid as an employer (self-employed) . He calculated I would receive $3,400 per month, or $40,800 per year, and if I died before age 85 my wife would get over $80,000. In contrast, my Social Security payout is $1,200, or $14,400 per year, and my wife will get $34,000 when I die.
Now, you have the facts. They cannot be disputed. Fire the politicians in November and elect Ron Paul. He will get this mess fixed.
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