Myth #1: Social Security didn't create the deficit and shouldn't be cut to fix it
This is a much loved progressive slogan. "Blaming Social Security for the deficit is like blaming Iraq for 9/11," writes Dave Johnson of OurFuture.org in one of the cleverer examples of the genre.
Technically, the first part of the myth is true -- or rather, used to be true. From 1983 until last year, Social Security revenues actually lowered the Treasury's need to borrow in the public markets, as excess payroll taxes collected under Social Security's flag helped fund other government programs.
The surplus years are over, however. The Social Security trustees' report estimates that last year payroll taxes fell short of the sums paid out to beneficiaries. Small surpluses will return for a few years; then the red ink will return for good in 2015. To make up the annual shortfall, Social Security will have to draw on revenues from the general budget. In other words, from here on out, year after year, Social Security only makes the deficit larger.
approximately $150,000 in Canadian dollars. Interestingly, this phase-out feature of the Canadian Social Security system is apparently one of the reasons Canada does not face the same long-term budgetary problems the U.S. faces.".....but you and others of your kind want to do it on the backs of the poor and middle class.
Social Security collected surpluses these last few decades to prepare for the Baby Boomers retirement, and that money was BORROWED FROM Social Security to pay for other expenses.
SS is not running a deficit but simply expecting repayment on that loan.
If politicians borrow money from other countries, banks, or individual investors, there is ZERO talk of defaulting on those loans, so why are they constantly trying to welch on their deal with American workers and Social Security?
Also, SS is the only "pay as you go" national program I know of. If we didn't allow deficit defense spending, we would have no defense and no wars.
Check your Social Security information or benefits
My monthly deposit is due next week, and I have $19 in my bank account. If my social security income is cut or stopped, what should I do, kill myself?