These budget hawks use the canard that Social Security is going “bankrupt” and needs radical change. The truth is: If Congress does nothing, the Social Security Trust Fund’s reserves will become depleted in 2034, after which it still would be able to pay 79% of benefits.
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#politics #congress #social security #SSDI #seniors #retirement #retirees #retirement crisis #entitlements #entitlement reform #older americans #elderly #p2 #budget hawks![Earlier this week, Members of Congress and allies met to discuss Social Security and the GOP Congress’ manufactured crisis.
““Seniors, I stand with you all the way [on Social Security].”
- Rep. Jan Schakowsky
“We are in a crisis right now. A...](https://64.media.tumblr.com/93d9258801da499ce7712598d0be22b4/tumblr_njo11hjqsI1qd3gmvo1_1280.jpg)
Earlier this week, Members of Congress and allies met to discuss Social Security and the GOP Congress’ manufactured crisis.
“Seniors, I stand with you all the way [on Social Security].”
- Rep. Jan Schakowsky“We are in a crisis right now. A retirement crisis. Not a Social Security crisis.” - Rep. Jan Schakowsky
“Stop manufacturing a crisis with the Social Security disability trust fund.”
- Senator Bernie Sanders“This week anyone earning a million dollars a year will have paid 100% of their payroll taxes for 2015.”
- Max Richtman
Don’t let Congress cut Social Security benefits for millions of people with disabilities by pitting retirees against the disabled.
Seniors have earned their benefits and many don’t have much else to live on. For more than one-third of retirement beneficiaries, Social Security constitutes at least 90 percent of income. Half of people aged 65 to 74 have no retirement savings. Without Social Security, almost half of the elderly would live in poverty.
The next U.S. president and Congress will face a serious test: What to do, if anything, about the nation’s retirement crisis?
Americans aren’t saving nearly enough in their 401(k)s, while wide swaths of the workforce aren’t saving at all, because they don’t have access to a retirement plan. Social Security, meanwhile, faces a financial shortfall as the baby boomers enter retirement.
via Bloomberg.
We agree, Congress should BOOST Social Security for all working Americans.
Do you agree? If you answered “yes”, then please sign our petition here.
Americans contact the Social Security Administration at the most vulnerable points in their lives — upon the death of a loved one, retirement, or when facing a life-changing disability. The last thing they need is a hassle in securing benefits.
After all, they paid for those benefits during their working years through Social Security payroll taxes. But thanks to draconian budget cuts to the Social Security Administration (SSA), too many applicants face long hold times and busy signals— or deadly-long waits for disability hearings.
Literally thousands of disabled Americans die every year waiting for adjudication of claims. Meanwhile, some 10,000 Baby Boomers become eligible for Social Security retirement benefits every day. You don’t have to be an actuary to figure out: When workloads increase and funding is cut, service suffers.
Max Ritchman, President and CEO of the National Committee to Preserve Social Security and Medicare: “America’s seniors understand all too well that our nation faces a retirement crisis and improving Social Security benefits is vital to keeping millions from poverty. Rep. Linda Sanchez’s ‘Strengthening Social Security Act’ makes several important improvements for seniors by: phasing out the payroll tax cap so that the wealthy pay their fair share, creating a Cost of Living adjustment for the elderly and boosting benefits for all retirees including widows/widowers. NCPSSM strongly supports this legislation and applauds Congresswoman Sanchez for doing the right thing for America’s seniors and their families.”
Generally, Social Security has been (effective) with other social insurance keeping senior Americans above the poverty rate. But, many seniors live extremely modestly, close to the poverty threshold
Monique Morrissey via Equal Voice.
Related Reading:
With people saving less and less for retirement, it’s important that Congress BOOSTS Social Security benefits for all American workers.
Americans made significantly less money in 2012 than in 2000. That decline, as disconcerting as it is, would have been more than twice as bad if it weren’t for three New Deal era safety net programs that largely offset falling wages and vanishing interest income.
via Al Jazeera.
(With people saving less for retirement, Social Security will be even more important for retirees which is why Congress should BOOST benefits for all working Americans)
Millions of current and future retirees were no doubt hoping that President Trump would use last night’s speech to Congress to reaffirm his promises not to touch Social Security and Medicare. Instead, the President ducked and covered. He did not even utter the words “Social Security” or “Medicare” in his entire hour-long address. As for Medicaid – which millions of American seniors rely upon for skilled nursing care – the President only touched on it once, with a veiled reference to converting guaranteed benefits into block grants, which would hurt beneficiaries.
via Entitled to Know.
To ease the retirement crisis, Social Security benefits must be strengthened rather than cut. For that reason, the National Committee has endorsed H. Res. 393, the resolution introduced by Representatives Jan Schakowsky, Doris Matsui and Patrick Murphy which supports boosting Social Security.
