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Virtually every Republican candidate for president disagrees. Many of them claim Social Security is “going broke,” that it’s causing the deficit to explode, and its trust fund is full of IOUs.
They want the American people to believe Social Security is in crisis and must be cut.
They are dead wrong.
Here are the facts:
They want the American people to believe Social Security is in crisis and must be cut.
They are dead wrong.
Here are the facts:
- Social Security has a $2.8 trillion surplus. It can pay every benefit owed to every eligible American for the next 19 years (and more than three-quarters after that).
- Social Security’s assets aren’t “just paper,” as conservatives sometimes put it. Social Security invests in U.S Treasury bonds, the safest interest-bearing securities in the world. These are the same bonds wealthy investors have purchased, along with China and other foreign countries. These bonds are backed by the full faith and credit of the U.S. government, which in our long history has never defaulted on its debt obligations.
- Right now a billionaire pays the same amount of money into Social Security as someone who makes $118,500 a year. That’s because there is a cap on taxable income that goes into the Social Security system.