Strengthen social security, don't cut it: sign the petition

[Hannah Bell]

The Fiscal Commission is meeting in Washington, behind closed doors, deciding the fate of Social Security. It looks like it could recommend deep cuts to Social Security - and justify those cuts by claiming they are necessary to reduce the deficit.

If it reaches agreement its plan has been guaranteed a fast track up-or-down vote in Congress in December. This is not only undemocratic, it's outrageous!

Social Security has not contributed one dime to the federal deficit - it actually has a surplus of $2.6 trillion today. Social Security belongs to us - the people who have worked hard and paid taxes to the program. It should not be cut to reduce the deficit.

Click here to write your senators and demand: No Social Security cuts. No retirement age increase. No risky privatization schemes.

Tell your senators to co-sponsor a Senate Resolution, sponsored by Senators Bernie Sanders (VT), Sherrod Brown (OH), Debbie Stabenow (MI), Tom Harkin (IA) and Sheldon Whitehouse (RI), which opposes any increase in Social Security's retirement age or similar benefit cuts, and opposes privatization.

Please ask your senators to stand with the American people and stop any attempts to cut Social Security benefits.

Click here to write your senators and demand: No Social Security cuts. No retirement age increase. No risky privatization schemes.

Sincerely,
Nancy Altman and Eric Kingson

Co-Directors of the Strengthen Social Security campaign


https://salsa.wiredforchange.com/o/6405/

[Enthusiast]

1. K&R. Done nt

[eridani]

2. Other things to request of your Representatives and Senators

Sign Representative Grijalva’s letter to Obama protesting the Deficit Commission

http://grijalva.house.gov/uploads/CPC%20Letter%20to%20Debt%20Commission%20on%20Social%20Security.pdf

Sign our pledge against cutting Medicare

Since 1965, Medicare has increased the number of seniors over 65 with health insurance from 50% to 93%. It is one of our most successful programs for reducing poverty and poor health in that age group. All working people have paid taxes into the Medicare system for their entire working lives.

Medicare has earned a very high level of popular acceptance over the years, with much higher percentages of the population expressing high levels of trust in the program compared to private insurance. In addition, it spends a far lower percentage of its budget on overhead.

Therefore in the interests of my constituents, the current and future beneficiaries of Medicare, I pledge to vote against any attempts at reducing the deficit on their backs, including

• Means testing Medicare so that it becomes a poverty program available only to those who spend their entire retirement savings and sell their houses
• Raising the Medicare eligibility age, or
• Reducing the actuarial value of Medicare insurance, or
• Cutting provider payments to the point where they refuse to treat Medicare patients


Signed _______________________

Date_________________________

Sign the Social Security Works-WA petition against cutting Social Security

Pledge
Social Security is the only dependable source of income for retired Americans and supports millions of families through its disability and survivors programs. Every working person pays into it and earns benefits.
For 75 years, Social Security has been America’s most trusted institution. It is frugally administered and soundly financed to continue providing a foundation of economic security for future generations.
In the interests of my constituents – the men, women and children who are Social Security’s current and future beneficiaries – I pledge to:
• Defend the integrity of Social Security against efforts to reduce its benefits or weaken its protections;
• Support responsible efforts to strengthen Social Security benefits;
• Oppose any and all efforts to reduce the federal deficit by failing to fully honor obligations to the Social Security Trust Fund, built by the payroll contributions of working Americans.

Signed:
Date:

House of Representatives: Cosponsor the House resolution against raising the Social Security retirement age

http://afl.salsalabs.com/o/4055/p/dia/action/public/?action_KEY=651

[exboyfil]

3. Some interesting calcualtions on Social Security

Assume a 20 year old making $9K/yr. for 47 years (until 67) pays into S.S. the entire time (assume income adjust handling inflation). That individual would get $8035/yr. at retirement at 67. If that same individual took 10% of their income and invested it at 3% return (this is effectively 3% over inflation) for the same period of time, then that individual would have $91K at 67. A quote I have seen for an inflation adjusted annuity (which is what Social Security would be at this point) would yield an income of $4331/yr.

Lets assume that only 8% of income is available instead of 10% (to account for the life and disability insurance features of Social Security) and further assume the minimum for full credit of 35 years (effectively starting to pay into the system at 32 instead of 20), then the invested amount would reduce to $46K buying an annuity of $2146/yr.

You have to receive a 5.2% over inflation return with the 47 year and 10% model to equal the same benefit as Social Security. For the 32 and 8% model the rate of return would have to be 10% over inflation. From 1950-2008 the real rate of return on equities was 6.8%.

Not sure what this means. The person making $9K/yr benefits the most from Social Security (benefits calculated at 90% of income). After that it goes to 32% and 15% participation levels. The devil is always in that rate of return. For an investment of this type I think 3% over inflation seems more appropriate than anything tied to equity.

Doing the calculation for $30K/yr, 47 years working, and 10% amount invested at 3% real rate of return amazingly yields the same for the annuity and the Social Security payment (about $15K/yr with a $313K build up in the investment). 35 years and 8% amount at 3% is $152K and $7200/yr).

Since the median income is around $30K/yr this shows that Social Security appears to be a pretty efficient program. Try to get a guaranteed 3% over inflation rate of return. TIPs are not trading at this level right now.

[old mark]

4. Rec. Done - thanks....nt

[Scuba]

5. Done.

[Viva_La_Revolution]

6. Done. +1 nt

[felix_numinous]

7. Done & Thanks

The big theft has to stop.