At the scoping meeting for the Gateway Pacific Terminal in Ferndale last January a worker spoke in favor of the project stating, "my kids and grandkids need a good paying job with a pension because we all know Social Security will not be there in the future."
What I believe to be that lie about Social Security was initiated by President Reagan 30 years ago and it lives on today. The purpose was to frighten the public into privatizing Social Security and handing it over to Wall Street. The same Wall Street that contributed to the 2008 economic collapse. President Bush tried the same in 2005 and Paul Ryan in 2010.
According to the Pension Benefit Guaranty Corporation, 4,302 corporate pensions went bankrupt between the years 1975-2011. Well, over 1.5 million workers were affected. If it were not for the non-taxpayer funded Pension Benefit Guaranty Corporation, those workers would have lost it all.
On the other hand, Social Security has never missed a payment in its 78 years of existence. About 57 million people rely on that supplemental income.
Social Security is solvent into the year 2033. Further funding of Social Security can be made by adjusting the payroll tax cap. Social Security contributes nothing to the federal deficit.
Republicans put their full faith and credit in corporate America. I put mine in the United States of America.