Yesterday, the Social Security Trustees released their annual report on the financial status of Social Security. You’ve probably already seen lots of press coverage about the report, but the most important finding is that is that our Social Security system has a large and growing surplus. Last year’s Report projected that at the end of 2011, Social Security would have an accumulated surplus of around $2.7 trillion, which it now has, and that it would grow to about $2.8 billion by the end of 2012. The 2012 estimate was based on projected revenue of $877 billion from its three revenue sources and outlays of $772 billion.
Despite this finding, Senators and Members of Congress continually talk about the need to consider cuts to the program. However, we are calling on Senator Mark Warner and Senator Jim Webb to fight to PROTECT and STRENGTHEN Social Security, not cut it!
Please call Senator Warner at 1-877-676-2759 and Senator Webb at 1-866-507-1570
and tell them to PROTECT and STRENGTHEN Social Security
Also, if you’re interested in continuing to work on this issue in Virginia, WE NEED YOU! Please contact Brian Johns at (276) 619-1920 or email@example.com if you would like to learn more about Virginia Organizing’s Statewide Retirement Security Strategy Committee.
Talking Points from Media Matters:
- Pollafter poll, including polling dating back six decades, consistently show that an overwhelming majority of Americans strongly supports Social Security.
- Social Security now provides benefits to 56 million Americans, but it serves all Americans of all ages by guaranteeing that everyone who's currently working can count on retiring in dignity.
- The latest Trustees Report doesn't change the fact that Social Security already has a massive and growing surplus of $2.7 trillion that's being held in trust in the safest investment in the world.
- Average Social Security benefits are actually modest at about only $14,000 per year, which is more than half of the income for a typical senior and more than 90% of the income for a quarter of retirees. In fact, Social Security is a lifeline that helps millions of Americans stay out of poverty.
- By law, Social Security cannot add a penny to the deficit and it never has.
- To keep Social Security going strong into the next century and without cutting promised benefits, all we need is a simple adjustment to that system: have every worker all pay the same rate.
- Over 70% of Americans support such proposals to raise the cap on Social Security wages.
- Right now, workers earning a middle class income set aside 6% of their income for Social Security while those making a million dollars per year pay less than 1%.