Social Security is not going broke. According to the Social Security Administration, Social Security has a surplus today of $2.8 trillion and can pay out every benefit owed to every eligible person for the next 20 years. Social Security has not contributed to the deficit. Social Security is funded independently by FICA taxes which are paid by workers and their employers. The so-called chained-CPI, which recalculates how COLA’s are formulated, is not a “modest tweak.” If the chained CPI went into effect today, a senior aged 65 would receive $658 a year less in Social Security benefits when he/she is 75, and $1,100 a year less at age 85. Further, the average disabled veteran would lose tens of thousands of dollars in benefits over his/her lifetime.
Posted on: Sun, 27 Oct 2013 04:10:01 +0000
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