Congress Should Lift the Payroll Tax Cap to Help Future Generations
Quote: “Here’s the reality, at the rate we’re spending, the system (Social Security) will be bankrupt by the time you and I are actually eligible to get these benefits. “We can’t afford it.” “While we’re living two decades longer we haven’t made any changes.” ”
MSNBC anchor Abby Huntsman (daughter of GOP Presidential Candidate Jon Huntsman) clearly misunderstands Social Security’s funding and twists both life expectancy data and worker ratios to the breaking point to build a false case for cutting Social Security benefits for millennials. Contrary to Huntsman’s claims, there is not a single scenario or economic projection in which Social Security goes bankrupt, most Americans aren’t living 20 years longer and there have been numerous reforms to Social Security in the past, including raising the retirement age.
If Washington does nothing at all by the time the Trust Fund is depleted in 2033, millennials and generations after them will receive a 25% benefit cut. Huntsman urges raising the retirement age to 70-75 on top of that which means an even larger benefit cut for our children and grandchildren. Unfortunately, rather than educating her fellow millennials with the facts, her “fix” for Social Security comes straight from the multi-billion dollar anti-entitlement lobby’s talking points. There are ways to fill the funding gap without hitting future generations with huge benefit cuts. Rather than gutting Social Security under the guise of “fixing it”, Congress should lift the payroll tax cap and enact other meaningful reforms to strengthen the program for future generations.