More SS fakery.
Some things people need to know.
Republicans would love to repeal or drastically cut Social Security claiming it is bankrupt. But here are some facts you need to know.
* Primarily financed by a 12.5% payroll tax split between the wage earner and the employer.
* Pays monthly benefits to about 53 million Americans.
* For 25 years has been taking in more that it pays out and now has a reserve of $2.5 Trillion Dollars.
* During the current recession SS has had to draw on those reserves due to high unemployment.
* The Congressional Budget Office estimates that the reserve fund and payroll taxes will cover full payment of benefits for another 33 years. ( Plenty of time to restore the economy if conservatives stop blocking provisions to do so. )
From my own article here: http://joe
Read the Article at HuffingtonPost
Thursday, July 22, 2010
Scammed: What Shirley Sherrod and Social Security Have in Common
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