Do you remember getting your first paycheck? Along with the thrill of finally making money, you may have noticed a deduction or two from your earnings.
One of those deductions was the Social Security tax, which pays into a fund for retirement and disability benefits. You may think the money you pay into Social Security is locked away in a vault somewhere. However, this isn’t true.
How the Government Borrows From Social Security
The Federal Government can and does borrow from the Social Security Trust Fund. It’s a little-known fact, but it’s true — the government uses these funds to pay its bills. That means the government is using the money you put into Social Security to help fund other programs, such as defense and infrastructure.
However, one part of the equation is often left out. While the government can borrow from Social Security, it also has a responsibility to pay back those funds with interest. This can serve as a source of protection for the Trust Fund, as it ensures that there will always be money available to pay out benefits.
Yet despite this protection, some worry that the government’s borrowing could have a negative impact on their Social Security benefits. And it’s clear that Social Security is in need of help – estimates put the date of Social Security insolvency (when funds will run out) at 2033 — that’s less than a decade away!
Help The Seniors Center Protect the Future of Social Security
The Seniors Center is committed to finding solutions to strengthen and protect the Social Security Trust Fund. Social Security is a contract between citizens and the government. Money deposited in the Trust Fund should only be used to pay benefits to eligible recipients.
The Seniors Center is demanding Congress finally put a stop to the careless borrowing and spending by greedy politicians that has put our Trust Fund and our secure retirement in jeopardy.
At The Seniors Center, our goal is to help seniors, and we’re doing that by protecting the future of Social Security. Retirees shouldn’t have to worry about losing their hard-earned benefits to taxes or the agendas of greedy politicians. If you agree, we invite you to sign our petition today! And follow The Seniors Center on Twitter and Facebook for more updates!
