Social Security is neither an entitlement nor a tax. It’s an earned benefit that people contribute to from each paycheck. Employers pay half of the premium (which they write off, just as they do for health insurance and other employee benefits). No tax exists that provides a pension benefit, a disability policy, dependent and spousal coverage, and a death benefit, like Social Security does. Nor can anything like it be purchased in the private market. It’s a guarantee that every American understands and relies upon. It’s why this is America’s most important retirement program and America’s number one anti-poverty program.
Here are the facts: to pause and to do nothing by 2035 will result in an about $300 per month cut in benefits for the average retiree and a $250 cut for the average disabled veteran. Poll after poll shows that citizens are willing to pay a little bit extra to get the guarantee that Social Security provides.
via The Hill.
Related Reading:
Rep. John Larson’s ‘Social Security 2100 Act’ would:
- Cut taxes for seniors.
- Strengthen benefits.
- Ensure the system remains solvent for generations.
