Social Security Still Strong at 80
"Despite such a strong record, Social Security is under attack from profiteers and their political allies who claim it will not be around when people retire and is in need of drastic reform. A myth, says the Economic Policy Institute (EPI) since “Social Security is fully funded through 2033. Even if nothing is done to shore up the system, Social Security can continue to pay three-fourths of promised benefits after the trust fund runs out. Though this would be far from ideal, it’s certainly no reason to preemptively cut benefits.” A decrease in Social Security benefits would leave over half of elderly Americans in poverty, hitting African Americans, Latinos and women the hardest.
Because Social Security is such a large public sector program, with almost $3 trillion in reserves, Wall Street has long wanted to get its hands on it. Various proposals to privatize or partially privatize the program would allow investment firms to run up fees for every transaction, profiting off of retirees and making the program vulnerable to economic crashes."
