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It’s time to debunk some myths that get repeated too often about Social Security. I encourage people to request fact-checking of all of these, and then stop repeating them whenever Soc Sec comes up. I may have oversimplified to keep them to one spout each, but they should still be accurate.
01:52 AM - May 18, 2024
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Myth: Social Security would be fine if Reagan & the Republicans hadn’t gutted it in the 80s.

Fact: In 1983, Reagan signed into law bipartisan legislation that substantially extended Social Security’s solvency by delaying retirement and increasing payroll taxes, among other things.
01:52 AM - May 18, 2024
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Myth: Congress borrowed from the social security trust fund and now they want to fund wars instead of paying it back.

Fact: The trust fund invests surplus funds into Treasury Bonds, which must be repaid with interest. Social Security solvency is not hurt by these investments.
01:52 AM - May 18, 2024
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Myth: Repaying the debt to the social security trust fund will increase our national debt

Fact: National debt already includes the debt to the trust fund. Redeeming bonds in order to pay benefits may mean shifting internal borrowing to public borrowing, but it won’t increase total national debt.
01:52 AM - May 18, 2024
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Myth: The money people paid into social security is owed to them in benefits.

Fact: People expect to receive benefits when they contribute to Social Security. But as a legal matter, if current contributions plus accumulated surplus don’t cover those benefits, they can’t be paid out in full.
01:52 AM - May 18, 2024
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thread 6/8
Bonus Fact: Social security can be made solvent either by reducing benefits or by increasing funding. But if nothing is done, the trust fund will be exhausted within the next decade, and it is projected that annual funding would cover only around 80% of Social Security’s obligations to pay benefits.
01:52 AM - May 18, 2024
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Bonus Fact #2 : Many people think we need to shore up Social Security funding. The Biden administration has proposed changes to how we tax investment income to help address the issue. Increasing payroll taxes (either by raising the rate or by raising or eliminating caps) could also be effective.
01:52 AM - May 18, 2024
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Opinion: we have a moral obligation to fix social security in a way that doesn’t cut benefits or force delays in retirement age. We can only do that if we focus on the actual problems and not on myths that obscure them.
03:08 PM - May 18, 2024
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