Tag Archives: Social Security
Social Security, Medicare, and Medicaid make up the three most relied upon and expensive government programs. Hold on a minute, Social Security isn’t an entitlement. Workers paid into it all their lives, so it would be there for their retirement. But congress through the decades borrowed from it to support their spending habits. As a result, they must borrow to make ends meet.
Unless congress decides to act, the trust funds that support Social Security will run out of money in 2033, according to the trustees who oversee the retirement and disability program. And then, Social Security would collect only enough tax revenue each year to pay about 75 percent of benefits. That benefit cut wouldn’t sit well with the millions of older Americans who rely on Social Security for most of their income.
As we continue to hear so much condemnation over Mitt Romney’s similar group —
the 58 million Americans who are actually collecting more in benefits from the government than they pay in taxes.