Dear Editor: What would happen if Social Security funds ran out? How many seniors do you know who would not be able to survive without their monthly Social Security benefits? Could seniors afford their medical care if the Medicare portion of Social Security ran out of money?
These are not idle questions. Some benefits have been reduced during prior administrations, but President Trump has proposed major cuts to Social Security in every budget he has presented to Congress. These cuts were not enacted, but with the COVID-19 crisis, the President signed several Executive Orders, including one that “delays” the payroll tax. And he says he might eliminate that tax altogether.
Cutting taxes sounds great, right? But the payroll tax is the only source of funding for Social Security and Medicare.
If the payroll tax is eliminated, Social Security would go bankrupt, and this would be disastrous for Americans. Over 61 million people collect Social Security benefits each month--about one in five people in the United States. These benefits represent about 33 percent of the income of the elderly. Frighteningly, 49 percent of the workforce in private industry has no private pension coverage, and most of them will have little or no income beyond the Social Security benefits which they have been paying for through that payroll tax.
Let’s face it... Many of us in Banks County would be in trouble if that Social Security check quits coming.
So, support candidates who see the importance of Social Security for current and future recipients.