About 90 percent of people aged 65 and older receive Social Security benefits and nearly 2 in 3 get half or more of their income from Social Security. As of December 2011, 36 million retired workers received an average benefit of $1,229 per month and 8.6 million disabled workers received an average benefit of $1,111 per month. The typical replacement rate is about 41 percent for a worker with medium earnings.
Despite this history, Republicans are yet again promising to privatize and cut Social Security and turn it over to Wall Street. The Social Security Trust Fund has a current surplus of $2.7 trillion. While Congress must address the long-term funding challenges to Social Security, any reforms must be focused on ensuring its long-term stability. We cannot turn our backs on the 55 million Americans who receive Social Security benefits.
No comments have been submitted for this idea