ROSE and DAN REEDER
I hope we all can agree that Social Security is not a gift. We have paid into this fund with every earned paycheck. We have earned it and we need it.
In the past, the Republican party has shown some opposition to Social Security as we know it.
One cavalier statement was that they should “drown Social Security in the bath tub.”
While this may simply have been an off-the-cuff remark, I believe it is a window to a deeply held view.
Another was the Republican idea to privatize Social Security to keep it solvent. Now wouldn’t that be a fine kettle of fish if any individuals had privatized some of their Social Security funds right before the stock market crash of 2008?
Such a move would have left those individuals with a greatly reduced benefit.
Investing in the stock market is always a gamble to some degree and Social Security should never be a gamble.
Perhaps I am misinformed, but Social Security and how it is funded seems pretty clear to me. It is my understanding that Social Security payroll taxes are collected from employers and from people’s paychecks up to an earned income of $118,500. When you finally have earned the $118,500, then you no longer pay this tax for the rest of the year. I am not sure that I know anyone in my circle of friends who earns $118,500 a year. So that means the average working person pays a set amount, out of every paycheck, into Social Security all year long since most of us never reach the final $118,500.
The 1 percent may earn $118,500 in one day, maybe even in one hour. After they hit that cap they do not pay anything for the rest of the year. So, those of us who can least afford it pay all year long and those who are wealthy pay for a short period. This tax is just a small amount, but if everyone paid all year long there would be a lot more money in the account. Lift that cap to $250,000 or more, better yet, eliminate the cap and our Social Security would be guaranteed.
Rather than supporting the Republicans and their desire to eliminate or reduce Social Security benefits, Hilary Clinton and Katie McGinty both want to strengthen it by raising that yearly income cap. This is the kind of support we need. It just makes more sense to me.