Editors Note: This article is part of our election season guide debunking GOP lies because folks these people are about to rob you and your families for generations to come if they win power. Buckle up because we’re about to debunk one of their biggest lies and it is all part of the extraordinary grift they’re hoping to inflict on the American people.
DESPITE WHAT YOUR GRANNY AND GRANDPA ARE WRONGFULLY CONVINCED OF YOUR FUTURE AND THEIR OWN RETIREMENT IS AT STAKE. HIDE THE T.V REMOTE; TURN OFF FOX NEWS, FORCE YOUR FAMILY TO WAKE UP IF THEY BELIEVE THESE LIES.
A full readout of the GOP ‘s master plan to bankrupt America if they don’t get to gut and destroy programs Americans are paying for and not the government.
First up SOCIAL SECURITY is a program that Americans pay for not the other way around. According to the entire program itself; federal documentation, and quite literally a quick Google search social security is entirely funded by Americans themselves. If you’ve ever peeked at your paycheck, you’ve probably noticed social security and medicare taxes taken out of your check.
This is not part of a government spending spree but instead placed into your social security for the day you retire and kick your feet up. Republicans have misleadingly claimed that social security ‘adds’ to government spending, however, this simply is not correct and is a GOP-manufactured lie.
Let’s take a look at a stellar readout of how the program is funded and surprise it is not by government spending at all. Literally, just take a look at your most recent paystub and if granny and grandpa are delusional and pretending otherwise again it is quite literally on your paycheck.
The Social Security program is funded through the Federal Insurance Contributions Act (FICA) tax, a dedicated payroll tax. Social Security taxes amount to 12.4% of wages up to a cap on taxable annual income set at $147,000 for 2022.
As outlined in the article, Demographic changes mean more retirees, fewer workers paying payroll taxes which means in essence this is where Republicans and their ilk are getting the idea that ‘this is government spending.’ It isn’t and never was.
Social Security benefits are funded by a dedicated payroll tax paid by employees and employers.Social Security is a pay-as-you-go system in which receipts and any accumulated surplus fund everyone’s benefits; payroll tax contributions are not reserved for future payouts to the particular taxpayer.
Why Is Social Security Running Out of Money? – Investopedia
How is Medicaire funded?
Surprise despite what the GOP says Medicare also isn’t funded by government spending.
Medicare is funded by the Social Security Administration. Which means it’s funded by taxpayers: We all pay 1.45% of our earnings into FICA – Federal Insurance Contributions Act, if you’re into deciphering acronyms – which go toward Medicare. Employers pay another 1.45%, bringing the total to 2.9%.
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