I don’t want to get into another debate about Social Security. The fact is it needs some significant changes to sustain itself. What those changes are range from simply raising the taxable wage cap, which is no real solution at all, to scrapping the whole thing for private accounts which may be logical, but not even close to practical.
Equally troubling as the problem of fixing Social Security is the distorted views of the left.
What they are saying below is that because Social Security is seriously flawed, incoming taxes are necessary to pay benefits not to the people being taxed, but to those of us who are currently receiving benefits.
You see, the taxes being paid today are not financing Social Security, nothing is.
The taxes, interest on the Treasury bonds held by the Social Security Trust and shortly the value of the bonds themselves are paying my benefits and nothing is being invested to pay benefits to my children or yours.
The talk of “diverting money to Wall Street,” you mean like the 401k, IRAs and pension plans that hundreds of millions of Americans rely on and which are invested in “Wall Street,” only repeats the left’s anti-Wall Street rhetoric. We should remind them it is banks and “Wall Street” that buys Treasury bonds to finance the government.
However, my favorite line from the op-Ed below is “shift the risk from government to individuals.” Risk from government? What risk does government have that is not the risk of taxpayers and all citizens? Who will end up covering the risk when Social Security can only pay 75% of accrued benefits in seventeen short years because of the incompetence of government?
Candidates should be telling Americans the truth‼️
With more retirees relying on the program, candidates should be suggesting sensible fixes, not broad cutbacks…
Mr. Bush and Mr. Cruz have said that Social Security payroll taxes should be diverted into new private accounts for employees, a reprise of President George W. Bush’s failed privatization attempt in 2005. Private accounts do not enhance retirement security. They divert money that would otherwise finance Social Security to Wall Street and shift the risk from government to individuals.