I oppose efforts to privatize Social Security and endanger the funds by placing them into the stock market. This benefits large financial interests, not seniors.
I support strengthening Social Security by lifting the cap on taxable income so the program will remain fiscally sound without raising the retirement age, changing COLAs, or otherwise reducing or altering benefits.
I oppose efforts by Paul Ryan and other Republicans to place Social Security into private accounts invested in the stock market. Millions of seniors would have been wiped out in the Great Recession under Ryan's plan if their retirement was put into the hands of Wall Street. I believe the program works in its current form, but must be strengthened for the future.
Security has not contributed a penny to the federal deficit and contrary to Paul Ryan's claims, is not in crisis. Social Security has a $2.7 trillion trust fund and can pay all promised benefits in full for the next twenty five years.
By the year 2036, the Social Security Trust Fund will experience a temporary period where there is more money being required from the fund than is being paid in. After that, it can pay three quarters of promised benefits and it can be restored to long-term actuarial balance without cutting benefits. Social Security's revenue shortfall over 75 years is comparable to the revenues needed to pay for Bush-era tax cuts for the wealthiest 2 percent of Americans.
We can ensure the health of the Social Security guarantee without reducing benefits, raising the retirement age, adjusting COLAs, or otherwise weakening the program. Right now, Social Security taxes the first $110,100 of income. I support lifting the cap on Social Security taxes to include all income. This will ensure fiscal stability without reducing benefits, and will maintain our nation's commitment to our seniors.