Scrap the cap on taxable earnings. At a time of massive wealth inequality, when 99% of all new income generated in this country goes to the top 1%, and when over half of the American people have less than $10,000 in savings, the last thing we should do is cut Social Security.
When the average Social Security benefit is $1,328 a month, and more than one-third of our senior citizens rely on Social Security for virtually all of their income, our jobs is to expand benefits, not cut them.
OUR VIEW: Wrong way on Social Security
Despite what some of my Republican colleagues have said, Social Security is not going broke. It has a $2.8 trillion surplus and can pay every benefit owed to every eligible American for the next 18 years.
The best way to make Social Security solvent for the next 50 years is to scrap the cap on taxable earnings. Today, a Wall Street CEO who makes $18 million a year pays the same into Social Security as someone earning $118,500. That's absurd. If we simply applied the payroll tax on income above $250,000, not only could we extend Social Security's solvency until 2065, we could also increase benefits to meet the elderly's higher living expenses.
Despite the logic behind that, some Republicans want to raise the Social Security retirement age to 69 and reduce benefits. I wonder what world these people are living in. To take benefits away from seniors now is simply a continuation of the war being waged by the Republican Party against the elderly, against the children, against the sick and against the poor, in order to benefit millionaires and billionaires.
Yes. Republicans, Democrats and Independents should work together. We should work to rebuild the disappearing middle class, create millions of jobs, reduce childhood poverty and make sure the wealthiest Americans and largest corporations pay their fair share in taxes. But we shouldn't make the lives of millions of Americans worse by cutting Social Security.
Such a "compromise" may make sense to CEOs on Wall Street and wealthy campaign contributors; it does not make sense to me.
Sen. Bernie Sanders, I-Vt., is the ranking member of the Senate Budget Committee.