VIDEO: Harry Reid takes Social Security privatization, raising retirement age off the table

Harry Reid has taken privatization and raising the retirement age off the table. Standing O, Harry!

That’s significant given a fairly broad consensus among conservative Democrats and Republicans that the retirement age should be bumped up. With Republicans in control of the House, the Senate could end up being the firewall protecting Social Security from those sorts of cuts. [...]

…Reid’s right that Social Security will be solvent for years into the future, and could be made indefinitely solvent with a minor payroll tax hike on high-income earners. House Speaker John Boehner (R-OH) last week walked back his call to raise the retirement age to 70, pending a full Congressional debate on that question.

If the GOP would only provide accurate information, we could stop wasting so much time arguing about this. And if the wealthiest among us would contribute a little more, thereby helping their fellow Americans, it would sure be a good thing for this country, for Social Security, and for their own kids and grandkids.

Repeat after me: Social Security does not affect the deficit. When you get paid, the money in your paycheck that is supposed to go toward Social Security, if you’re lucky enough to still get a paycheck, goes directly into the Social Security Trust Fund. Via Thom Hartmann:

Myth #5: Social Security adds to the deficit

Reality: It’s not just wrong—it’s impossible! By law, Social Security’s funds are separate from the budget, and it must pay its own way. That means that Social Security can’t add one penny to the deficit.