Your Opinion: Social Security is not broke

Dear Editor:

More doom and gloom on Social Security as the News Tribune printed a Chicago Tribune April 15 editorial. This battle has been going on since 1937 when Social Security was launched.

Most attacks on SSA come from the foundation and front groups of Peter G. Peterson, who was secretary of commerce under President Nixon. Peterson, a billionaire, has spent well over 200 million trying to turn Social Security over to Wall Street. To do that his message is the system is broke or going broke. Erskine Bowles and Alan Simpson, who were on President Obama's Deficit Commission, have both worked for Peterson foundations.

During the Reagan administration the Greenspan commission put SSA on a more solid footing by allowing contributions to move up with inflation and earnings. But that was capped and today only the first $118,500 is taxed for Social Security. New Jersey Gov. Chris Christie says he will save SSA by phasing out the wealthy. That is absurd. Billionaires, even most doctors, dentists and wealthy professionals do not pay SSA taxes after they earn their first $118,500. Christie's tactic is to means test SSA calling it an "entitlement."

Referring to Social Security as an entitlement is a scam. SSA is a forced savings plan created from workers' salaries. Receiving benefits is getting your own money back with interest. If the government has your money over decades they should pay you some interest on the loan you have made them. Getting back your contributions should include interest. Wealthy haters of Social Security do not acknowledge this. They condemn recipients for getting more than the exact dollar amount they contributed. That violates the time value of money.

This is just class warfare. Social Security is not broke. The trust fund will pay 100 percent for the next 25 years. If politicians would allow collections to raise above the cap based on inflation, there would be no problem in payments for 100 plus years. Citizens should read the yearly Social Security Trustees reports and ignore politicians and false claims in the media.

Since 1937 conservatives have attacked Social Security. Social Security has been the most successful federal program in existence. Without Social Security America would repeatedly face social chaos. Without Social Security the 2008 Great Recession would have been the second Great Depression. Should conservatives want to destroy what protects them from violence and retribution? It is a small price.

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