Sen. Sanders Welcomes Obama's Decision To Protect Social Security Benefits
Sen. Bernie Sanders welcomed President Barack Obama's decision not to cut Social Security benefits in his proposal to reduce long-term deficits. "I am delighted that the White House has decided not to cut benefits under the program that has kept millions of retirees out of poverty," Bernie said. "Social Security has a $2.5 trillion surplus, can pay out every benefit for the next 27 years and has not contributed one nickel to the deficit."
While Bernie strongly praised the president's decision to safeguard Social Security, and a decision not to increase the Medicare eligibility age, he had serious concerns about one of the president's proposals. "While it is true that middle class and working families need tax cuts, I disagree with taking the funds from Social Security," Bernie said. "If this part of his program were enacted, nearly $300 billion would be diverted from the Social Security Trust Fund over a two-year period."
Last week, Bernie introduced legislation to strengthen Social Security by applying the payroll tax to those with annual incomes above $250,000. The idea was backed by Obama during his 2008 campaign for the White House, Bernie noted. Making the wealthy pay the same percentage of their salaries into Social Security as almost all other Americans would provide enough revenue to guarantee full Social Security benefits for 75 years.
Watch Bernie discuss the effectiveness of Social Security »