Don’t Buy Lies About Social Security

by Dave Zweifel

Let’s be brutally frank today: The claim by some of those Wall Street money changers and politicians like Wisconsin’s own Paul Ryan and many of his Republican colleagues that Social Security is contributing to the national debt and therefore needs to be “fixed” is nothing more than an outright lie.

Because the late President Franklin D. Roosevelt wanted to make sure that the Social Security Trust Fund was protected from the ever-changing political winds, it was set up as a separate self-financed system that gets its revenues from three sources — roughly 80 percent from the payroll tax of 6.2 percent for both the employee and employer (the 6.2 was reduced to 4.2 for employees to help provide relief during the recession and went back to 6.2 percent on Jan. 1), another 15 percent from interest earned by the trust fund, and the other 5 percent from taxes that Social Security recipients wind up paying at income tax time. In Social Security’s 75-year history, it has collected $15.5 trillion and currently has $2.6 trillion in the bank, enough money to pay full benefits until about 2037.