On Aug. 14, 2015, Social Security turned 80 years old. It is the most
successful program in our government's history. It provides basic
support to the elderly, the disabled and their families. Poverty among
the elderly is down to 10 percent.
So why do all the Republican candidates for president cry about the
"national debt" Social Security produces that will kill our economy?
Why does national media, unfortunately, take Wall Street's line? Last
month the New York Times said in an article, "Rising national debt
levels may threaten the ability of millennials to collect on promised
Social Security and Medicare benefits."
Former Florida Gov. Jeb Bush wants to privatize Social Security — give
it to Wall Street to destroy over time. Sen. Rand Paul, R-Ky., wants
to change age of eligibility and premiums — dropping benefits.
Wisconsin Gov. Scott Walker is edging toward the same. New Jersey Gov.
Chris Christie wants means testing. Sound reasonable? Let's make
Social Security a welfare-like program and then cut, cut, cut over
time — like welfare, food stamps, Medicaid, and health and education
programs.
Candidates want to see millennials and the generations who follow with
fewer and fewer benefits. Most also want to cut taxes — and not fix
disability insurance, either. Medicare? — That's a whole other
subject.
In 1935, Congressman John Taber of New York said, "Never in the
history of the world has any measure been brought here so insidiously
designed as to prevent business recovery, to enslave workers, and to
prevent any possibility of employers providing work for the people."
Shall we kindly say he was off-base? Yes! Today's Republican
candidates are still "blowing in the wind," as Bob Dylan sang.
Falsehoods continue to abound.
Beyond FDR, today's Republican candidates have forgotten President
Reagan's April 20, 1983, words upon signing a bill to preserve Social
Security: "This bill demonstrates for all time our nation's ironclad
commitment to Social Security. It assures the elderly that America
will always keep the promises made in troubled times a half a century
ago. It assures those who are still working that they, too, have a
pact with the future. From this day forward, they have one pledge that
they will get their fair share of benefits when they retire."
Social Security does not affect the national debt, period. It is
self-funded through 2033, based on surpluses generated since 1984.
After 2033, benefit payouts without a fix drop about 25 percent. The
U.S. Treasury's IOUs are assets, not debt. They are investments in
treasury bonds, one of safest governmental assets in the world — the
Social Security Administration. However, repayment to the trust fund
is "problematic" to Republicans still mired in the 1930s and a limited
trickle-down theory.
In any case, the future "problem" is easily fixed. Just remove the
limit on Social Security's taxable income. The current tax is capped
at $118,500 or so. Ridiculous and wrong.
By the way, some 79 percent of U.S. voters want Social Security
expanded, including 73 percent of Republicans, according to a 2014
report by Lake Research Partners for the Center for Community Change
Action and Social Security Works. It's just one of many such surveys
in the last few years.
It's a good policy question to discuss. Do the Republican Congress or
presidential candidates care? No.