An opinion piece on Huffington Post about Social Security and the presidential campaign supporting the notion that no major changes are needed and that all benefits are earned, not an entitlement ends with this statement.
Send in Joe Biden. After all, campaigning in Virginia last month, he voiced the strongest Social Security commitment yet on behalf of the Obama administration, saying: “I guarantee you, flat guarantee you, there will be no changes in Social Security.” And he is also an AARP member.
The implication is that this Biden guarantee is a good thing. It is not a good thing because it can’t be fulfilled and based on the history of Social Security it’s absurd in any case. In addition, if it were to be fulfilled Social Security as we know it will cease to exist.
People who write this stuff and who say these things should try reading the Social Security Trustees Report sometime.
This type of irresponsible rhetoric does no one any good. The longer we delay making the changes necessary, the more drastic the changes will eventually be. Right now incoming payroll taxes are insufficient to pay current benefits which means interest on bonds in the Trust Account must be used. Eventually that will be insufficient and bonds must be redeemed. Since no new bonds are being purchased, at some point only payroll taxes will be available to pay benefits and that means 75% of promised benefits.
Still want Biden’s guarantee?
- Post Attacks Biden For ‘Pandering’ On Social Security (crooksandliars.com)
- Robert L. Borosage: Game Changer: Biden Guarantees No Changes in Social Security (huffingtonpost.com)
- Biden: “There will be no changes in Social Security” (news.firedoglake.com)
- Biden: ‘I guarantee you there will be no changes in Social Security’ (dailykos.com)
- Go Joe! Get Biden’s Back on Social Security. (ourfuture.org)