Social Security's Explosive Injustices

Tuesday, 07 May 2013 09:54
By Richard D Wolff, Truthout | News Analysis

People over 65, a growing share of the US population, are suffering a crisis-ridden capitalist system. High unemployment, reduced private pensions, fewer job benefits, less job security, high personal debt levels, and falling real wages make Social Security payments more important than ever. Yet President Obama and Congress recently agreed to bargain over how much to reduce Social Security payments from current levels. That would not only hurt seniors - but also the children who help them.

Consider these statistics covering 2010 [New York Times, April 20, pp B1 and B4]. Married and single people over 65 earning $32,600 or less per year relied on Social Security for between 66% and 84% of their total annual income. That is the majority - 60% - of all US citizens over 65. Cutting Social Security payments seriously damages their lives. An additional 20% of the over-65 population, earning between $32,600 and $57,960, count on Social Security for 44% of their annual income. Cutting Social Security benefits is a cruel "thank you" for a lifetime's work, a default on the payroll taxes they paid into the Social Security system.