Social Security is funded entirely by the Social Security payroll tax which is deposited into the Social Security Trust Fund from which benefits are paid. President Barack Obama's and the Republicans desire to balance the budget by cutting Social Security benefits through a chained consumer price index is a cynical exploitation of Americans' concerns about the budget.
Social Security will be 100 percent solvent through 2033, at which point it will be 75 percent solvent.
Some fairly painless changes enacted now will safeguard the system for at least the next 75 years. The following have been vetted by AARP:
Increase the payroll tax by 0.25 percent (about $10.50 per month on a $50,000 annual income)
Add all new state and local government workers to Social Security.
These changes would fully fund Social Security for the next 75 years and beyond.
I urge everyone to write to Congress and the president to enact the above changes to save Social Security.