Discussions have been swirling that that the Social Security program might be cut as part of negotiations to prevent the United States from defaulting on its debt. Rep. Ellison’s resolution notes that the Social Security trust fund actually has $2.7 trillion in assets on hand, and that any reform to improve Social Security’s long-term outlook should not decrease benefits or raise the retirement age.
“The United States is in danger of defaulting on paying its debts because of ridiculous Republican policies that have protected irresponsible corporations, as well as millionaires and billionaires, from paying their fair share of revenues,” said Rep. Ellison, who also co-chairs the Congressional Progressive Caucus. “The Social Security program does not contribute to the country’s deficit problem. In fact, the trust fund has actually loaned us money. There is no reason that the approximately 35 million people who rely on an average $14,000 annual payment should have to worry about their benefits.”
The Social Security program currently supports 35 million retired workers who have paid into the program during their lifetime. Another 20 million disabled individuals and orphaned children also rely on Social Security. Current estimates are that the program can pay full benefits as promised under current law through calendar year 2035.