|
John,
The Social Security Board of Trustees just released its annual report1 and the report shows that Social Security is STRONG.
While Wall Street billionaires and the politicians they fund advocate for cutting benefits, using the media to try to create the illusion of a crisis, the truth is anything but. The report shows that Social Security’s $2.79 trillion trust fund will last a year longer than projected in last year’s report.
Unfortunately, Wall Street’s PR firms are leading the corporate-funded media around by the nose. Look at this headline from Jeff Bezos’s Washington Post:
This article quotes a murderers’ row of Wall Street shills to create the false impression that there’s consensus that cuts to our earned benefits are inevitable. They are not.
The Republican Study Committee, which includes about ¾ of the House Republican caucus, has been pushing to raise the retirement age. Every year the retirement age increases would amount to a 7% benefit cut. So when the retirement age goes up to 70, as the RSC suggested in 2022, that’s a 21% cut. But the Trustees Report shows that the exhaustion of the trust fund would only be a 17% cut.
That’s right: The Republican plan to avoid a 17% benefit cut is to cut benefits by at least 21%.
Instead of making any cuts, Congress should take action to ensure that Social Security can pay full benefits for generations to come, along with expanding Social Security’s modest benefits. That will restore one of the most important benefits Social Security is intended to provide to the American people―a sense of security.
Social Security’s chief actuary has pointed out that rising inequality is the primary reason for Social Security’s shortfall.2 If millionaires and billionaires pay their fair share, we can EXPAND Social Security!
No wonder the millionaires and billionaires like Jeff Bezos and Rupert Murdoch who own media outlets are trying to spin the Trustees Report as bad news for Social Security.
Social Security Works is fighting back against Wall Street-funded PR firms to make sure the public hears the TRUTH about Social Security. They’ve got unlimited funds. We’ve got you. Can you rush a donation to protect our Social Security system?
Thank you,
Alex Lawson
Social Security Works
1 https://www.ssa.gov/oact/TR/2024/index.html
2 https://www.ssa.gov/oact/testimony/SenateBudgetComm_20230712.pdf
|
