Thursday, December 6, 2012

Social Security Income and Expenditures

Herewith a picture of the Social Security Trust Fund’s performance from 1987 through 2012, obtained from the Social Security Administration (link). I have aggregated quarterly results into annual in order to show a smoother curve.

This is the program that the GOP is absolutely intent on cutting. What the chart shows is that during the last quarter century (and before that as well), this program has paid for itself, indeed producing a surplus. The accumulated surplus alone, in this period, would pay for three years of SSA operations. Targeting this account, along with Medicare and Medicaid—while insisting on keeping the tax rates of the wealthy untouched, is a case of robbing little peter to pay Big Paul. And little peter has not even needed any public money—ever! Who pays that Income stream? The people—in their payroll taxes.

What more needs to be said? Nothing. But spitting on the ground in contempt is, clearly, indicated.

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