THE FACTS ABOUT SOCIAL SECURITY:
IT'S NOT GOING BROKE!
Social Security is an pension and insurance program launched in 1935 that provides guaranteed limited income after retirement.
In 2010, Social Security took in $807 billion ($664 billion from taxes and $117 billion from interest on loans). It paid out $713 billion; its reserve fund grew to $2.6 trillion and will reach $4.2 trillion in 2024.1 By law, Social Security loans the reserve fund to the government; that’s why Social Security receives interest payments each year.
See Economic Policy Institute Report
Even if Social Security’s payouts exceeded its assets in 2037, as is often claimed, income from the payroll tax would still cover 78 percent of its obligations;and the rest can easily be made up by removing the cap on wages taxed.
Right now, no matter how much a person earns, annual wages above $110,100 are not taxed to pay in to Social Security.
Proposals to solve a non-existent crisis include:
- Give Wall Street the billions of Social Security dollars paid with our taxes to ensure our future,
Raise the retirement age,
- Pay lower benefits to young people,
- Abolish the program altogether.
DON'T LET THEM
There is NO Social Security “problem” for the next few decades, but there is a simple solution to ensure its viability for future generations: removing the cap would make Social Security fully solvent for the next 75 years.
About 1 in 5 people would pay in more than they do now and the median increase in taxes paid by individuals over their working lives would be a mere 3 percent. 2
1. Annual Report of Trustees, 2011
2. U.S. Senate Report of the Special Committee on Aging, 5/13/10
Here’s why you should join the fight to preserve and
strengthen Social Security:
Currently, Social Security:
covers 53 million people, including retirees (69 percent), the disabled, survivors of workers who have died, and dependents of beneficiaries (31 percent);
lifts 20 million people out of poverty;
is the major source of income for nearly 40 million older Americans—65 percent of whom get at least half their income and 20 percent of whom who get all their income from Social Security;
funds approximate average annual benefits of $14,000 for retirees, $13,000 for survivors, and $12,800 for the disabled out of taxes paid by 156 million Americans.
Annual Report of Trustees, 2010
Social Security Isn't Broke Slide Show
If you don't see the slideshow,
click this refresh circular
above for full screen.
Video: Harry Reid Defends Social Security Here
Click below to download a petition to our elected officials, a fact sheet, and a leaflet in support of preserving and strengthening Social Security.
Email us at ThreeParksDems.org if you would like Word versions to edit for your organization to use. You are free to take out our name and put in yours.
Six Reasons Not to Raise the
Volunteer to work with the Three Parks Social Security Committee here
Please edit the following message and email it to New York’s U.S. Senators or your Representative using the links below. You can also call the offices of these elected officials, fax, or send a letter by regular mail to the district office (remember, mail to Washington, D.C., is delayed). You can find all the necessary contact information by clicking on the links below.
I am very concerned about current attacks on Social Security. I urge you to oppose any attempts to further extend the Social Security Payroll Tax Cut, reduce Social Security benefits, increase the retirement age, privatize Social Security, or decrease benefits for today’s younger people when they become eligible. To make the system more fair and put an end to false claims that Social Security is going broke, I also call on you to remove the cap on wages over $110,100—that are now untaxed—so more money is available to strengthen and preserve Social Security today and for the future.
Click Here to Volunteer
Letter From Manhattan Congress Members Excellent explanation of the issues from Congress Members Nadler, Rangel and Maloney 3/21/2011
Social Security Works for New York Good statistics about Social Security in NY State
Harry Reid Defends Social Security.
Washington Post 2/16/2011
Debt Commission Seeks Social Security Cuts. NY Times 11/16/2010
S.S. Options. US Senate Committee on Aging
Social Security Trustees Report
Scroll down page.
Poll: US for S.S. but doubts Dems
S.S. Not a Problem. Robert Reich
National Committee to Save Social Security and Medicare
Facts and Figures About Social Security
Scroll down page.
Social Security Keeps 20 Million Out of Poverty