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DEFICIT: Social Security pays its own way

Letter by Ron Richardson, Tacoma / The News Tribune on Aug. 10, 2010 at 10:23 am with 3 Comments »
August 10, 2010 3:13 pm

It seems every time I read about our soaring federal deficit, the media report it by skipping over two pointless wars, a tax structure that does not require the rich or corporations to pay taxes, and unbelievable corruption of the military-industrial complex. The blame is placed on Social Security without a shred of evidence.

Social Security is one of the few government programs that pays its own way. Last year, Social Security took in $180 billion more in taxes and interest than it paid out.

The Social Security Trust Fund is invested in U.S. Treasury bonds, which are considered the safest investment in the world. Social Security has been collecting the needed payroll taxes for the baby boomers for years and is ready for their impact on the program.

Full benefits are covered for years to come, and by simply lifting the income cap of $106,800 on the Social Security tax the funding will not even experience a “hiccup” as it continues being the economic security for millions of American children and retirees.

(Richardson is president of the Tacoma chapter, Alliance for Retired Americans.)

Leave a comment Comments → 3
  1. HA! Glad I stopped paying into the Ponzi scheme years ago and have the bank balance to prove it.

  2. Good grief!

    This fool should have worked for Bernie Madoff.

    SS NO LONGER is paying recipients with current receipts.

    It”s the mother of all Ponzi schemes.

  3. stetsonwalker says:

    This writer is clueless, if SS was so solvent why has it needed to be fixed or propped up so many times? SS cannot help but to fail just by simple math. People are having fewer kids than ever in history. That combined with medical advancements allowing people to live longer and longer. Do the math dummy, a couple has 2 kids and live well in to their 80’s so it means 2 kids have to support their parents… and that is if one kid doesn’t get disabled and have to go on SSI early. Do the math!

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