Social Security (SS) remains the most popular and most reliable of all government programs. Created in 1935 as a social insurance program that would be a safety net for seniors in retirement, it was meant to be part of 'a three legged stool' for aging citizens. The combination of savings/investments, pensions and SS would safely see the elderly through their golden years. In the decades since, Americans have virtually NO savings, few pensions have survived and SS has come under attack. Combined with the latest “Death Cult” promoted by conservatives (seniors should be willing to be sacrificed for a better economy), it seems that too many lawmakers have little or no reverence for our elderly.
First came conservative attacks on the viability of SS. The facts are that SS is self sustaining; it is an EARNED BENEFIT which works like an insurance policy: pay in, collect as promised. AND it contributes ZERO to the national debt.
Conservative politicians have tried unsuccessfully to privatize SS under various Republican administrations. Privatization would allow workers' payroll contributions to be invested in private accounts. THAT would be a gamble: if markets tumble, retirees' checks would be reduced.
While the coronavirus pandemic has exposed the obvious weakness of privatization, it has also led to new attacks. The latest is the GOP call to give workers a raise by declaring a FICA holiday: suspend SS contributions so they see more money in their paychecks. That is the WORST case scenario because the workers would be selling their future benefit for a few dollars today AND it would deprive the SS Administration of current necessary funding.
All Americans should be wary of any proposal to alter the fundamental nature of Social Security and supportive of those lawmakers who want to protect, preserve and expand it like the SS 2100 Act which would 'scrap the cap' and increase benefits responsibly.