Happy 77th birthday, Social Security. As we celebrate Social Security's anniversary, let’s remember it has never missed a check. Despite Congressman (now vice presidential candidate) Paul Ryan's claim it’s “going broke,” Social Security has a $2.7 trillion surplus (going broke, really?) and is financially sound, despite the recession, high unemployment and stagnation of workers' income across the board. It has provided insurance against loss of wages for seniors and people with disabilities and pays out benefits in the form of survivor benefits to children who lose a working parent.
Edward F. Coyle, executive director of the Alliance for Retired Americans, says the group will celebrate Social Security's birthday today in events all over the country, reminding members of Congress to keep their promise to workers and thanking those who consistently fight against benefit cuts. In light of Mitt Romney's choice of running mate, Rep. Paul Ryan (R-Wis.), it is more important than ever to remind seniors and their families what the Romney/Ryan ticket means for Social Security.
How ironic that just as seniors celebrate Social Security’s birthday, Mitt Romney has named in Paul Ryan a running mate who wants to decimate the program.
Romney and Ryan aim to cut Social Security dramatically even though it is self-funded and has not added one dime to the deficit. Rep. Ryan has wanted to privatize it since at least 2005. The Romney-Ryan plan would raise the retirement age and turn Social Security over to Wall Street, where it would be subjected to the whims of the stock market.
Anti-social insurance lawmakers like Ryan, consistently use rhetoric and false information to scare people into thinking Social Security "is in crisis," in hopes they will accept benefit cuts like raising the retirement age or changing the cost-of-living adjustment (COLA) formula to a less generous index (Chained CPI). Watch the National Academy of Social Insurance (NASI) video in the post or here, to get the facts about the program.