The dictionary describes “a myth” as “an unfounded or false notion.” For example: The Royals will win the World Series soon.
In an election year, unfounded false notions proliferate, especially around Social Security. SS is called an entitlement because, in our working lifetime, we paid our fair share into the Social Security Trust Fund, so that one day we too would be entitled to retirement benefits.
If you are on SS, or nearing retirement age, then pay heed to those politicians and other misinformed fear-mongers, who want to “fix” SS, namely Republicans Sharon Angle of Nevada, Joe Miller of Alaska, and Paul Ryan of Wisconsin.
They want to privatize the successful 75-year-old system that has saved millions of retirees and the disabled from poverty.
They are resurrecting the failed attempt of President Bush 43 to tie SS to the stock market. If that had been successful, millions would have taken a financial hit from which they would have never recovered or would have fallen into poverty.
Here are some myth-busting SS facts. The fund is not going broke, for by 2023 there will be a $4.3 trillion surplus enough to pay out all benefits through 2037. After that, if there is no change, recipients will still receive 75 to 78 percent of benefits.
SS does not add to the deficit, for by law its fund must pay its own way. The fund is not replete with government IOUs to alleviate spending but it is substantially backed by U.S. Treasury Bonds.
As for the longevity myth, statistics show retirees today are living the same amount of time as they did 75 years ago.
Some unnecessary suggestions to make SS more solvent include raising the retirement age incrementally from 65 to 72 and raising Federal Insurance Contributions Act taxes. Currently, FICA amounts to 15.30 percent, paid half equally by employer and employee.
Time will tell if these changes come about.
For retirees receiving benefits who still believe SS is unconstitutional you can get a SS waiver form and explain that you want to waive your benefit due to political or religious reasons and the SS office will stop sending you checks.
Since “change” or “fix” solutions are politically motivated, you might make note at election time which politician is out to fix your wagon and tell them, “It ain’t broke, so don’t fix it“
I give you President John Adams’ toast: Independence forever.
