The Truth About Social Security

Nearly two thirds of retirees count on Social Security for most of their retirement income.  We must strengthen Social Security, but we must take the time to get it right.  Social Security is a sound system that can meet 100 percent of its obligations until 2042 (some projections say 2052).  After 2042, if no changes are made, funds from Social Security payroll taxes will be sufficient to finance nearly 70 percent of the payments to beneficiaries.  Let's take a look at the facts. 

Social Security is not going broke.  Common sense measures, such as lifting the cap on the amount of income tax for the Social Security fund would strengthen the program.  Right now, the cap is set so low that upper-wage earners do not pay Social Security on most of their incomes.  The Bush Administration says that privatizing Social Security would be voluntary.  The truth is the program in not voluntary and your retirement benefits are cut by at least 30 percent, even if you do not choose a private account.  They say you'll make more money with private investments.  The truth is the government will take 50 cents of every dollar in your private account when you retire -- on top of the 30 percent cut in your benefits.  They say you get to personally direct your retirement investments.  The truth is you don't control your own money.  Politicians will pick Wall Street firms to control your investment account, a process corrupted by politics.

All of us have been paying in Social Security since we began working.  We need to put a stop to this right now.  Contact your Congressmen and Senators and tell them we will not put up with Social Security Privatization.

If you want to see how much you will lose under Bush's plan go to http://democrats.senate.gov/calc.html