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.)