Social Security needs a change, but not to the retirement age
Have you heard?
We need to reform Social Security. Some of us (me and you) want to ensure the millionaires pay into the program at the same rate as everyone else. But some Republican politicians are trying to raise the retirement age to 70. We can't let that happen.
Background: The way Social Security was set up during the New Deal era was pretty simple. Folks who are working pay a little every month out of their paychecks.
But there is a cap: today, if you earn less than $160,200, you pay 6.2% of every dollar into the Social Security fund. But for every dollar over that cap you will pay exactly 0% into the fund.
So, while those of us who make less than $160,200 pay 6.2% of our income to Social Security, Jamie Dimon, CEO of JPMorgan Chase, paid 0.6696% of his $1.5 million salary into Social Security. About a tenth of what we pay.
It seems pretty clear what's wrong with Social Security. The wealthy aren't paying into the program at the same rate as everyone else.
Republicans want to raise the age of retirement to 70. Not only are they asking for you to pay a greater portion of your income to subsidize the rich, but also to work longer while they retire early.
Our movement is about fighting for you, not CEOs. If we are going to hold the rich and powerful accountable, we need to grow our grassroots organization today. Will you join our movement and help us take back all of Congress?
Onward!
Jeff
