This is what the Social Security Administration says: «The last 10 Trustees Reports have indicated that Social Security's Old-Age, Survivors, and Disability Insurance (OASDI) Trust Fund reserves would become depleted between 2033 and 2035 under the intermediate set of assumptions provided in each report. If no legislative change is enacted, scheduled tax revenues will be sufficient to pay only about three-fourths of the scheduled benefits after trust fund depletion. Policymakers have developed proposals and options that have financial effects on the OASDI Trust Funds. Many of these proposals and options have the intent of addressing the long-range solvency problem.»
In the meantime, the Social Security Guarantee Act (H.R.5670) has been introduced in Congress since late 2016 and is bogged down due to the resistance of a congressional bloc. This bill directs the Department of the Treasury to issue a benefit guarantee certificate to each individual entitled to benefits under title II (Old Age, Survivors, and Disability Insurance) (OASDI) of the Social Security Act. In other words, this Bill would guarantee anyone age 50 or older gets the full benefits they are entitled to under title II -- that is, the taxpayer gets back what he or she paid into his or her SS account. Why? Simply, it would prohibit politicians from reducing the amount of taxpayers' Social Security benefits!
Most people do not know that, up to now, Social Security is not insurance. Meaning that there is no contractual agreement between taxpayer and government like there would be with an insurance policy or a pension agreement. In fact, by a ruling of the United States Supreme Court, the federal government is under no obligation to pay taxpayers a Social Security check. It does not matter how many years the taxpayer has been paying a Social Security tax. By law, the government can decide to spend the money on something else at any time. And it is happening! That is why the SS Administration is warning that «Trust Fund reserves would become depleted between 2033 and 2035».
H.R.5670 has the intent of addressing the long-range solvency problem. However, many politicians in Congress prefer to introduce their pork barrel entitlements in their legislation, inflating the national budget to levels that require the use of the Social Security Trust Fund once and again!
Did the readers and participants of this FORUM know that:
1) Congress has repeatedly approved using funds from the Social Security Trust Fund to pay for programs proposed by some representatives (some programs abroad!, such as "overseas dairy development" and others as irrelevant as the "Rock and Roll Hall of Fame") and that this constant and increasing budgetary waste is, to a great extent, responsible for the funds available for pensions being in danger of bankruptcy?
2) A considerable number of congressmen intend to alleviate the rate of increase in the national public debt caused by the enormous budget waste, which already surpasses the overwhelming figure of 30 trillion dollars, through a significant reduction of the benefits granted by Social Security to retirees?
US Taxpayers have in their hands the power to stop this waste and safeguard their entitlement to a secure retirement income based on their Trust Fund contributions.
Simply call your representative in Congress and your Senators, or write them a letter, informing them that if they do not approve this bill as soon as possible, you will not vote for them in the upcoming primaries or legislative elections.
It would be enough for them to act in the approval of this bill if they received hundreds or even thousands of letters or phone calls with such a warning. Such action is Participatory Democracy in action!
Conscientious citizens cannot sit back and wait for others to do so. It depends on EVERYONE to act!
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