Just hours after President Obama said that Social Security cuts and privatization are off the table, Cantor said that Social Security had to be cut to balance the budget. But here’s the thing: Social Security does not and never has added a single dime to the federal deficit.
Let me try to explain this to Mr. Cantor. Social Security is paid for through the payroll tax. Currently, the payroll tax raises way more money than Social Security pays out and things are projected to keep going this way for another couple of decades.
The wars in Iraq and Afghanistan? They add to the deficit. Tax breaks for billionaires? They add to the deficit. Subsidies for big oil? They add to the deficit. Bailing out Mr. Cantor’s friends on Wall Street when they make a bunch of shady deals, cause a financial crisis and almost ruin the world economy? That adds a lot to the deficit.
Simply put, Social Security will run a surplus for decades. The rest of the budget runs a deficit. So, why are we even talking about Social Security?
Here’s why: Eric Cantor and his right-wing friends want to destroy Social Security.
Eric Cantor’s comments aren’t anything new. Right-wing Republicans have been trying to tear down Social Security for generations. It’s the holy grail of the right-wing.
Now Republicans are playing with fire — they’re threatening to shut down the government. They’re holding the debt ceiling hostage. They’ll do whatever it takes to put cutting Social Security on the table.
There is a solution to keep Social Security safe, stable and secure forever.
See, right now people like Mitch McConnell and Sarah Palin don’t pay the same percentage of their income into Social Security that most Americans do — and big surprise — neither does Eric Cantor. That’s because the tax is capped at $106,800. All we need to do is scrap the cap and make the payroll tax fair and equal for everyone, That will keep Social Security safe, stable and secure.