Social Security has reached a tipping point; the numbers paint a grim picture. If no changes are made, the program, a cornerstone of the American safety net, will face insolvency by 2035.
Without intervention, benefits could be slashed by 17% in just over a decade, pushing millions of seniors into poverty. The problem stems from a widening deficit, a declining worker-to-retiree ratio and the growing strain of an aging population. While many agree that Social Security needs reform, how to fix it remains a battleground.
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Sen. Bernie Sanders has been one of the most vocal advocates for a solution that addresses the glaring inequities in how Social Security is funded. He’s made it clear that the current system disproportionately benefits the wealthy.
In a Facebook post from September, Sanders wrote, “It is absurd that a billionaire in America today pays the same amount of Social Security taxes as someone making $168,000 a year. It is time to scrap the cap, expand benefits and fully fund Social Security.”
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This isn’t a new stance for Sanders. He’s been banging the drum on wealth inequality for years, often highlighting that billionaires like Elon Musk and Jeff Bezos hold more wealth than the bottom half the U.S. population. Sanders has proposed “scrapping the cap,” meaning that the cap on income subject to Social Security taxes – currently $168,600 – would be lifted.
His plan suggests taxing income over $250,000 at the same 6.2% rate as everyone else, ensuring that millionaires and billionaires contribute a fairer share to the system.
According to Sanders, this move would make Social Security solvent for 75 years and allow for expanded benefits, increasing payouts for recipients by roughly $2,400 per year.
Sanders has also spoken passionately about the struggles many seniors face. On his website, he emphasizes, “You cannot live in dignity when trying to survive on $13,000 or $14,000 a year in Social Security benefits.” His proposals strike at the heart of this issue, tying tax reform to broader economic justice. For Sanders, Social Security isn’t just about retirement security – it’s about ensuring people can live with dignity in a system he argues is skewed toward the wealthy.
