Labor & Social Security
Social Security is the most important social benefit thus far won by the U.S. working class. It is currently in danger. The threat comes not from too many “baby boomers” getting ready to retire, or from “wasteful government management,” as we are constantly being told. The main danger comes from financial interests, and their political friends, who want to play with our retirement money in the stock market—and bosses who want us to work longer.
Is there a Social Security crisis? Current projections show the Trust Fund able to support present benefit levels through 2042. So we don't have to rush to fix some imminent danger. We can afford to think through how we can best guarantee secure retirement.
The concept of Social Security is based on contributions from both workers and employers into a Trust Fund. That Fund is invested in secure government bonds and guarantees monthly benefits, adjusted for inflation, for life after retirement.
The moneyed interests say we could do a lot better by putting our money into the stock market. They would replace guaranteed benefit amounts with unpredictable returns subject to the gains—or losses—of the market. Whereas presently less than one percent of Social Security revenues go to administrative costs hundreds of billions would be skimmed off retirement money to go to those private institutions managing any form of privatized Social Security.
All of the various Republican and Democrat “reform” plans are bad news. We need to defend the principles of Social Security, expand benefits, and reverse the recent trend of forcing workers to toil longer in life.
Fixing Social
Security
by Bill Onasch
Here are some good resources on the web about Social Security:
CEPR Social Security/Medicare Page
Social Security Q's and A's
AFL-CIO
Social Security Page
Labor
Party Social Security Campaign
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