VIDEO: "Social Security benefits are entirely self-financing." "When are the wealthiest Americans gonna step up and do the patriotic thing...?"

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"Social Security actually is not contributing to the deficit. Social Security loans us money. ... When are we gonna have some equity, one America, shared sacrifice...? I mean, we're asking the poorest Americans to sacrifice; when are the wealthiest Americans gonna step up and do the patriotic thing, which is to contribute to help to deal with this budget deficit?"

Via Think Progress:

White House Budget Director Jacob Lew wrote recently that “Social Security benefits are entirely self-financing. They are paid for with payroll taxes collected from workers and their employers throughout their careers.” Prominent economists like Paul Krugman have debunked the notion that there’s a “Social Security crisis” that demands deep cuts.

Polls continue to show that Americans like their Social Security just the way it is, thankyouverymuch... including Republicans.

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  • Clancy

    The wealthy, like almost everyone else in society when it comes to taxes, will never do the "patriotic thing" of their own free will. It goes against their (narrow) self interest to voluntarily give up a (small) portion of their wealth for the benefit of others, no matter how much their aggregate wealth would likely increase due to the stability and relative prosperity such "sacrifice" would likely create. Like most people, the wealthy must be forced to do the "patriotic thing," they must be forced to pay their fair share in taxes, including dramatically increasing their contribution to Social Security, even if they will now directly benefit from their "sacrifice." Luckily, that's the beauty of democracy. . . if the majority ever figures out that they are really the ones in control, that is.