I heard a politician say this week that if we don’t do something about Social Security, it will “run out by 2033.”
I’ve heard politicians and others say this a lot.
It annoys me because it’s not true.
Just to be clear:
Social Security isn’t going to run out. Its reserves will be exhausted sometime in 2033, meaning that once these funds are depleted, Social Security would have only income from ongoing payroll taxes to pay benefits. The result would be beneficiaries receiving only about 80% of their promised benefit — a 20% decrease in every Social Security check.
This would be a disaster for anyone on a fixed income, but not the cataclysm that politicians always seem to imply when they say the program is running out of money.
So yes, we should absolutely do something about this problem before it’s too late. A vast majority of Americans agree.
Then again, a vast majority of Americans also agree on:
- A pathway to citizenship for undocumented immigrants without a criminal record
- Universal background checks prior to any firearm purchase
- Increasing the minimum wage
- Paid family leave
- Term limits
- A ban on Congressional stock trading
- Limits on corporate money in politics
- Federal legalization of marijuana
- Stronger ethics laws for Supreme Court justices
All of these issues poll at 70% of above, with most polling between 80-95%, yet Congress has failed miserably to meet the needs and wants of the vast majority of Americans for a long time.
This is mostly because
- Members of Congress are either beholden to the far fringes of their parties during primary contests
- Corporations and other donors use their wealth to influence legislation
- The minority party refuses to give the party in power any victory
Too many legislators, who should be representing American interests, are instead focused solely on money and power.
It’s a disaster.
So, too, is Social Security, but not to the degree that many politicians would seemingly want you to believe.
