Social Security under attack
The far right’s unceasing efforts to cut and privatize Social Security continue. Sen. Ron Johnson recently called Social Security a "Ponzi scheme."
This statement is not only false but it threatens your future financial well-being.
Social Security is not a fraudulent scam. It is an essential, successful insurance program that protects all of us from financial disaster. We all pay into it through payroll taxes. Social Security provides survivors and disability benefits. It is very important to many retired people. All of us will need Social Security in the future.
A Ponzi scheme is a fraudulent investment that pays early investors using money from new investors rather than actual investment income. Ponzi schemes collapse without continuous new money.
The Social Security is a trust fund invested in U.S. Treasury bonds. Treasury bonds are the premier, safe investment in the world. Social Security has a $2.8 trillion surplus, and has never missed any payments to beneficiaries. It is not a Ponzi scheme.
But reactionary Republicans don’t allow facts to interfere with their ideology. Contrary to their claims, Social Security is not going bankrupt. It is not responsible for the federal deficit. People cannot manage their own retirement accounts better than the government.
Rather than attacking Social Security, we should be strengthening it. We need to reject Senator Johnson’s scare tactics. Protect your Social Security by voting him and similar reactionaries out of office in November.