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Privatizing Social Security. Bad idea, or worst idea ever?

By now you would think that I would not be shocked by proposals that Republicans are putting out and campaigning on. But I must confess to being flabbergasted that both congressional Republicans and their state counterparts are literally running on ending Social Security as we know it.

They want to replace Social Security with private investment accounts at a time where we're seeing incredible stock market volatility. If you're receiving Social Security right now or coming close to retirement, you would be close to destitution or need to work even longer in order to receive the benefits that you paid into.


If you read my last email, you will know that I am not being alarmist or attempting to fear-monger. These are facts. Make no mistake, if Republicans gain control of Congress come November, they will pursue this agenda with abandon.

The last time Republicans tried this was in 2005. I organized people across the state and country to fight back against this dangerous scheme. Time and time again Americans have recognized the folly of this game and how truly detrimental it would be, not just for our seniors but for everyone who plans to retire.

For the life of me I cannot understand why they keep coming up with this, but we have an opportunity to nip it in the bud.

If we can keep our House majority and pick up at least two seats in the Senate, we can actually shore up, protect, and expand Social Security.

I serve on the committee that makes Social Security policy. House Democrats have a proposal to not only restore the solvency of the Social Security trust fund but to enhance benefits.

Right now if you work, you pay about 6% of your income in Social Security tax. Your employer also pays 6%. Those who are self-employed pay 12%. But individuals making more than $142,800 a year do not pay Social Security taxes on income over that amount.

Democrats have a proposal to ensure that the top .4% of wage earners, those earning more than $400,000 per year, would pay their fair share for Social Security. This would help restore the solvency of the trust fund while making sure it stays in place for ALL Americans when they retire.

This election the choices are clear on many issues. When it comes to Social Security there is one party that wants to improve it and make sure it remains available for everyone. And there is one party that wants to privatize it and have Americans gamble their future with big banks and Wall Street traders.

I'm proud to be a Democrat who's working for the people of the United States.



Posted on October 4, 2022.