Letter to the Editor: Yes, Washington Post Editorial Board, We CAN Afford Social Security

The Post editorial board suggests that the nation cannot afford our existing Social Security system (To get the national debt under control, start with the retirement state, 8/24/26), beginning with the claim that the program adds to annual deficits.  This is not true. As conservative hero Ronald Reagan said in 1984, “Social Security has nothing to do with the deficit.” In fact, Social Security’s trust fund helps to finance the federal government by holding special Treasury notes, like any other bondholder.  Social Security is legally forbidden from borrowing money; it does not cause debt. The Editorial Board proposes capping (or ‘means testing’) benefits — and insists that ‘millions’ of seniors would be just fine without Social Security, when in truth some 40% of older Americans would fall into poverty without it. Meanwhile, about half of all Americans say they are having difficulty saving for retirement because of soaring living costs.  Yes, Social Security’s trust fund needs to be shored up, largely due to massive wealth inequality depriving the system of revenue. We support legislation to raise revenue so that the wealthy begin contributing their fair share. Social Security was never meant to be – and never should be – a means-tested welfare program. Such a change would rend the covenant between American workers and their government and alter the fundamental promise of Social Security.