I get so tired of people believing and asserting that Social Security is somehow in trouble. It's not. And all we need to do is raise that cap on the tax.
Republicans hate Social Security because it has been an extraordinary success and has done exactly what it was designed to do. It is the most successful government program in our nation's history and is enormously popular.
When Social Security was developed, 50 percent of seniors lived in poverty. Today, that number is 10 percent -- still too high, but a testament to the success of Social Security.
Republicans have spent years demonizing Social Security and spreading lies about its sustainability. They want to scare Americans and build support for making drastic cuts to the program or privatizing it entirely. Their long-term goal is to end Social Security as we know it, and convert it into a private account system which will enable Wall Street to make hundreds of billions in profits.
The truth is that, today, according to the Social Security Administration, Social Security has a $2.7 trillion surplus and can pay out every benefit owed to every eligible American for the next 25 years.
Further, because it is funded by the payroll tax and not the U.S. Treasury, Social Security has not contributed one nickel to our deficit.
Right now, someone who earns $106,800 pays the same amount of money into Social Security as billionaires like Bill Gates and Steve Jobs. That is because today, all income above $106,800 is exempt from the Social Security tax. As a result, 94% of Americans pay Social Security tax on all of their income, but the wealthiest 6% do not.
That makes no sense.
Do we really want more elderly people on the streets?