President Obama promised the American people that once in office, he would raise the cap on social security, which would keep benefits solvent for the long term. However, since assuming office he has taken action which leaves our future benefits at risk.
INSTEAD OF KEEPING HIS PROMISE, President Obama set up a commission and appointed two co-chairman [Erskine Bowles and Alan Simpson] who for many years had advocated dramatically cutting social security. One of the chairman, Erskine Bowles, had negotiated with President Clinton and Newt Gingrich to not only cut Social Security, but to replace it with private accounts (this deal was derailed by the Monica Lewinsky scandal).
If Mr. Obama really meant what he said about raising the cap, why would he appoint these people as Chairmen? And why would he appoint people to his commission who have lucrative pension plans and do not count on Social Security for their retirement?
Social Security does not contribute to the deficit because Social Security funds are paid from a special tax on wages. This tax is only collected on the first $106,800 of wages. People who earn more than that amount pay no Social Security tax on earnings above this cap. Raising the cap, for example, up to $300,000, would bring in more than twice as much money from people who can certainly afford to pay the additional tax. Economists agree that this would keep Social Security intact for the long term as opposed to present estimates that it will not have sufficient funds to pay all benefits starting in 2037.
President Clinton is often credited for balancing the Federal Budget, but he did so on the backs of seniors (and soon-to-be-seniors) by borrowing trillions of dollars from the Social Security Trust Fund (money from the Social Security Tax that was not yet needed for Social Security payments). This borrowed money is now part of our national debt. But we could forgive the Government from repaying this money, and thereby help reduce the Federal deficit, if the cap were raised.
By signing this petition, we are giving notice that we will not sit back and watch our social security benefits disappear and that we want Congress to raise the cap in exchange for forgiving the debt to Social Security on the condition that the Government will never again borrow from the Social Security Trust Fund.
PLEASE SIGN THIS PETITION NOW TO SAVE SOCIAL SECURITY
For more information about Deficit Reduction see our website: www.thepeoplescommission.com