Monday, 06 September 2010 01:06
Don't push the Social Security panic button just yet. Although the world's greatest safety net faces some challenges, the sky is not falling.
According to the 2010 actuarial report released by the trustees, Social Security will be able to pay all benefits until 2037, and after that it will be able to continue to pay 78 percent of benefits until 2084. These are undisputed facts from the report of the trustees.
The dangers facing Social Security are exaggerated by a chorus of Chicken Littles who have a not-so-hidden agenda. Wall Street-wired Republicans such as Pat Toomey push schemes to privatize Social Security because insiders want to see a tidal wave of retirement cash awash on the decks of the big banks that nearly sunk our economy.
Some fine tuning may be needed, but don't fix what isn't broken.
Social Security is a proven formula for retired Americans. Payroll taxes are collected and go into the Social Security trust fund (now valued at $2.5 trillion). When people retire, they draw a monthly payment from the trust fund, secure in the form of government bonds and safe from the avarice and unchecked speculation of Wall Street.
Let's use Labor Day as an occasion to tell Pat Toomey that working and retired Pennsylvanians adamantly oppose privatizing Social Security, raising the retirement age or forcing workers' families to pay higher payroll taxes so very rich Americans can continue to enjoy the Bush tax cuts.
JACK SHEAPresident
Allegheny County Labor Council
Downtown