Neighborhood Ministries

The media continues to push the idea that Social Security will go broke in 2030 resulting in a drastic cut in Social Security benefits if something isn’t done to instill fear in Senior Citizens. Democrats continue to push their old idea about taxing the rich to solve our money problems when every time they get a tax raise, they go on a spending spree and spent the money before they get it. Currently, there is a cap on taxing income for Social Security. Above the limit, income isn’t taxed. The Democrats propose raising that limit. That sounds reasonable until you do the math. First, the amount gained would be small since few earn over that limit. It would not provide the income needed to erase the deficit between benefits paid out and taxes taken in, let alone cover the raise in benefits that Democrats promise with the tax increase. Second, since benefits are based on a percentage of income, it would result in the rich receiving higher benefits which would result in a temporary surplus until those workers retired when their increased benefits would eat into that surplus. Some have proposed a limit on benefits but that would change Social Security from a savings plan to a welfare plan and that would not sit well with workers. Many workers already view Social Security as a welfare program and see retired people as excess baggage that drains government funds, even though the Seniors paid into the fund with the promise that the funds would be there with interest when they retired. They are not responsible for the fact that Congress betrayed their trust and spent the money on welfare programs so Social Security now has to rely heavily on the money workers pay in.