COLUMN: Government should keep hands off Social Security
Social Security cannot be trimmed, cut or eliminated. It is wrong to touch money that was set up for my golden years. Every working American has paid into this system and this money is there for us.
The pundits, politicians and everyone else who is even hinting at the idea should be stripped of their wages, savings and forced to live on the average wage of a monthly social security check.
It is not a lot of money. But it is my money and I can survive on it.
I understand we are facing debt issues, but it is not logical to touch a trust fund that is set up for the disabled and elderly. The Social Security program has an independent budget that is separate from the rest of the federal government.
Payments to current retirees are financed by a payroll tax on current workers’ wages, half directly as a payroll tax and half paid by the employer.
Since 1982, Social Security has had surpluses ranging from $89 million to $190 billion per year. The law says these surpluses must be loaned to the federal government, which is obligated to pay the money back with interest. This is referred to as the “Social Security Trust Fund” and at the close of 2007 it had a balance of $2.2 trillion.
Social Security is projected to continue having annual surpluses until 2017. In 2017, the Social Security program is projected to start having annual deficits that will be covered by collecting on the money it has loaned to the federal government. By 2041, it is projected that all of this money will be paid back and the trust fund will be exhausted.
That is a problem but it can be fixed. As in the past, the Social Security Act has been amended and adjusted and the politicians can work to find a solution that way.
If America is going to continue its phenomenal spending on military and defense, it should do so without touching Social Security funds. The people who want to continue our current military operations should accept that to do so, taxes must go up.
I will not stand for any cuts to Social Security and I hope others feel the same way. The American people need to stand up and say “hands off Social Security.”
