27 May 2010
The Republican Lies About Social Security Have Started Again: The Antidote? Truth!
The Good News About Social Security --- Print It & Share It
Social Security and Medicare are two of America's greatest success stories. Social Security has helped generation after generation of America's retire with dignity and Medicare has helped reduce senior poverty by two-thirds since it began in 1965!
Social Security is not part of the country's debt and deficit problem, it is the most fiscally responsible federal program--self-financed through dedicated contributions. Ninety-nine percent of contributions are paid out in benefits, with only one percent spent on administrative costs. There are no private investment plans coming anywhere near that!
We are hearing that Medicare is in a crises and that "baby-boomers will bankrupt the system and the country". The influx of baby-boomers into Medicare does present challenges, but the recent health care reform legislation promises to save Medicare about $475-billion over ten years and is expected to extend the program's solvency another nine years. Health care reform will, over the same period, cut the federal deficit by $138-billion.
*All these are verifiable fact. And there are other truths:
More than one-third of those 65 and up rely on Social Security for 90% or better of their income. Without it, 55% of the severely disabled, 47% of elderly households would be plunged into poverty and another 1.3-million children, and 2.4-million grandparents rearing 4.5-million grandchildren would lose the single most important source of income for these grand-family households.
Not merely a "Retirement Program", Social Security, pays more benefits to children than any other federal program. Six-and-a-half million U.S. children receive assistance from its survivor program--which protects virtually all U.S. children in the tragic event of the death of a parent.
While in the worst recession since the great depression, Social Security continues to issue benefit payments, on time, in the full amount due, and without the slightest twitch. According to the 2009 Annual Report of its Board of Trustees, it is safe and solvent, without any change, for at least the next 30-years.
Social Security is perhaps the world's greatest poverty fighter, it certainly is America's. Older women and people of color are the ones most likely to face poverty in their older years. Right now, women comprise 60% of Social Security beneficiaries and depend on it more than their male counterparts. Over 75% of Latino and nearly 80% of African Americans count on Social Security for more than half their total incomes.
Social Security benefits are protected from inflation and guaranteed for life...no Wall Street backed private investment plan can truthfully make that claim. In fact, since the economic meltdown, $10-trillion in asset values have evaporated--check your 401K or other stock market investments if you'd like to debate that figure!
Simply put; Social Security is even more vital to old-age security and it is clearly and utterly impossible to reliably replicate those on-time, life-time, guaranteed benefits in the private market.
Anyone telling you otherwise is a liar and less trustworthy than an aluminum siding telemarketer.
And, that's a fact!
* Source: Alliance for Retired Americans