Social Security is a wholly self-funded program supported by the employee/employer payroll tax.
I am continually annoyed and frustrated with politicians and others referring to social security as an entitlement program. Recent examples are Florida Sen. Rick Scott’s proposal to “sunset” social security every five years, and Wisconsin Sen. Ron Johnson’s statement social security “should be eliminated as a federal entitlement program.”
Such proposals represent either an ignorance of how the program works or a blatant political appeal to a conservative base they assume is equally ill-informed. Social security is not an entitlement program. It is a wholly self-funded program supported by the employee/employer payroll tax, interest earned on the trust fund balance, and taxes on the benefits. It receives no general revenues, therefore, it has no impact on the national debt or deficit and is not subject to funding approval based on the annual budgeting process.
Personally, I view my prior social security contributions as an investment I was forced to participate in for 45 years, and my current benefits simply a return on that would be helpful if during public discourse politicians, the news media, and other advocates would regularly point out the above facts so the generally public could become more knowledgeable about the social security program.If you purchase a product or register for an account through one of the links on our site, we may receive compensation.
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