Cutting Social Security would push millions of seniors into poverty.
The Republican presidential candidates claiming that we need to cut the Social Security and make Medicare a voucher program, giving more money to private insurance companies who are already raking Americans over the coals for coverage, just added another member.
Yesterday in Henniker, Marco Rubio said he wants to cut Social Security and privatize Medicare.
We’ve been down this road before. Jeb Bush, in Manchester, said that he’d “phase out” Medicare, while John Kasich wanted to cut Social Security and once told a voter that “you’d get over” the cuts. Marco Rubio is just following the GOP tune of cutting Social Security benefits that over 200,000 Granite Staters currently depend on.
Social Security is not going bankrupt as Rubio and other talking heads claim.
Currently the Social Security Trust Fund holds a $2.7 trillion dollar surplus and is fully funded for the next 20 years. After those 20 years Social Security will continue to pay out at 77% of the current benefit rate for eternity.
By law Social Security cannot add anything to our national debt and is fully paid for by payroll taxes. Because Social Security is funded through payroll taxes if workers wages were to rise – say by raising the minimum wage – then more money would be invested in the program strengthening the system.
Social Security is an earned benefit that we have been paying for since the day we entered the workforce.
“Democrats believe that Social Security is a pledge to our seniors, but Marco Rubio and Republicans want to make it harder for those who have worked their entire lives to get what was promised to them,” said Lizzy Price, New Hampshire Democratic Party Communications Director. “Granite Staters deserve someone willing to fight to keep their benefits, not claim that Social Security and Medicare have ‘weakened us as a people.’”
Cutting Social Security will push millions of seniors who are currently living on the edge of poverty over that edge. In 2013, over 63 million people collected their earned benefit from Social Security with a national average of about $14,000 dollars a year.
For too many, Social Security is the only thing they have to live on. The sad fact is that 1 in 3 seniors collecting Social Security rely on their Social Security check for 90% or more of their monthly income.
The two leading Democrats in the presidential primary have plans to ensure that seniors will be protected now and for future generations to come.
Former Secretary of State Hillary Clinton vowed to protect Social Security and Medicare from any Republican privatization scheme.
“I will also defend Social Security and Medicare from the efforts of the Republicans to privatize both of them….As your president, I will defend it. I will not let anybody think that they can privatize it. But we’re going to have to make sure that we shore it up so that it is there not just for those who are currently recipients but for generations to come.”
Senator Sanders also wants to strengthen Social Security and increase benefits by lifting the cap on the payroll taxes that fund it.
“By lifting this cap so that everyone who makes over $250,000 a year pays the same percentage of their income into Social Security as the middle class and working families. This would not only extend the solvency of Social Security for the next 50 years, but also bring in enough revenue to expand benefits by an average of $65 a month; increase cost-of-living-adjustments; and lift more seniors out of poverty by increasing the minimum benefits paid to low-income seniors.”
Eliminating Social Security will push many seniors into poverty and allow politicians like Rubio, Bush and Kasich to steal the trillions of dollars in our hard earned money under the guise of reform.
We must not let them take our hard earned benefit away.
(Featured image by Gage Skidmore)