Social Security doesn’t add to deficit
This a press release from Democracy for America on leaving the Social Security program intact:
Either House Majority Leader Eric Cantor doesn’t understand how Social Security works or he doesn’t care.
Just hours after President Obama said Social Security cuts and privatization are off the table, Cantor said Social Security had to be cut to balance the budget. But here’s the thing: Social Security does not and never has added a single dime to the federal deficit.
Social Security is paid for through the payroll tax. The payroll tax raises more money than Social Security pays out and things are projected to keep going this way for another couple of decades.
The wars in Iraq and Afghanistan? They add to the deficit. Tax breaks for billionaires? They add to the deficit. Subsidies for big oil? They add to the deficit. Bailing out Cantor’s friends on Wall Street when they make a bunch of shady deals, cause a financial crisis and almost ruin the world economy? That adds a lot to the deficit.
Simply put, Social Security will run a surplus for decades. The rest of the budget runs a deficit. So, why are we even talking about Social Security?
Cantor’s comments aren’t anything new. Right-wing Republicans have been trying to tear down Social Security for generations. It’s the holy grail of the right-wing.
Right now people like Mitch McConnell and Sarah Palin don’t pay the same percentage of their income into Social Security that most Americans do — and big surprise — neither does Cantor. That’s because the tax is capped at $106,800, but most Americans don’t know it. All we need to do is scrap the cap and make the payroll tax fair and equal for everyone to keep Social Security safe, stable and secure.