In reviewing President Barack Obama’s speech on how he intends to repay our out of control national debt, we are again struck by the fact that Social Security is consistently made the villain when it comes to national expenditures.
While claiming that Social Security, Medicare and other entitlement programs are nearly 50 percent of the budget expenditures, the administration and the Congress have both failed to also explain that workers pay increasingly high contributions, as do their employers, into the Social Security Trust fund, and that workers also pay a portion of their future Medicare benefits.
The Social Security Trust fund is not broke. The fact of the matter is that the trust fund is used to balance the federal budget. Of course benefits are paid to retired workers, but it shouldn’t be made to seem as if all of those benefits are taken from the general funds in the budget, without taxpayers investing directly into those funds.
Let’s be clear, Social Security and Medicare are paid for from workers contributions and not from the general fund.
All this finger pointing at Social Security and Medicare keeps the attention off the heavy cost of supporting two wars and other military operations, not to mention the large corporate tax breaks and subsidies that have a real cost to us all.Posted - Copyright © 2022 Eastern Group Publications, Inc.