I have a very distinct memory from high school of something my social studies teacher once mentioned. While on the topic of Social Security, she mentioned that no one her age (she was in her mid-20’s at the time) or ours would receive any benefits from Social Security.  Now, I had not really thought about Social Security at that age — I was 16, almost 50 years before I would receive any benefits from the program. 

The topic of Social Security “reform” was something I had heard about on the news at the time, as well as many times after. The notion that “Social Security is going bankrupt” has spread like wildfire. The baby boomers will soak up all the money in Social Security, then leave us in a massive deficit while we pay for their years after they have finished working. This thought has been implanted in the minds of those born after the baby boomer era, making us feel almost hopeless that we will receive any of the money we have put into Social Security. 

Many Republicans and conservative Democrats have felt that we need to raise the retirement age for SS benefits or end SS altogether for a private sector system. Before these officials get their hands on your hard-earned money, let us look at some facts first. 

First, contrary to popular belief, Social Security does not add one single penny to the U.S. deficit. The Social Security Administration is completely self-contained. All the money that goes into SS is put into highly stable Treasury Bonds to accrue interest over time then given to those who are currently on SS. The SSA does an amazing job at saving that money, and currently has over $2.5 trillion in reserves. 

That $2.5 trillion is a lot of money, which is great for those currently on SS. So, why do people say SS is going bankrupt? Because that SS surplus will be depleted in 2033 — 18 years from now. Those hoping to gut SS are using this fact to scare people into believing that SS will be bankrupt and we should get rid of it now. What they forget to mention, which comes straight from the people running SS, is that SS will still give out roughly 75 percent of benefits to everyone over 65 beginning in 2033 and continuing until 2088 (which is when they stop projecting). Getting 75 percent of benefits is not a perfect situation, but it is a far better solution than leaving it in the volatile hands of the stock market. 

Something else those fear mongering politicians forget to tell the public is there is a simple solution. Social Security is a 15.3 percent tax; 12.4 percent for SS and 2.9 percent for Medicare. Half of that tax is paid directly from your employer, and the other half comes out of your paycheck. That tax has a cap, though, at $118,500 per year. So if you make more than that, you would not pay any more SS tax. 

Only 5.6 percent of Americans make more than $118,500 per year. If the tax cap were lifted, then Social Security would be solvent well past 2088. Social Security would be a safety net for our parents, us and our children as well. This issue can be solved so simply, but as was seen in the George W. Bush years, they don’t want to fix SS; they want to end it. 

According to Senator Bernie Sanders, before SS almost half of the elderly population lived in poverty. Now that number is less than 10 percent. Social Security plays an important role in keeping elderly people in their homes. The fight for Social Security is not a “sexy” debate. Talking about issues that do not affect us for 45+ years can be easy to dismiss. But while we dismiss the debate for a later date, others are actively fighting to end the program. So be wary when people are telling you we need to end SS and fight to make sure that you have a stable safety net for when you retire.