retirement security

One of the persistent myths about Social Security is that benefit cuts could be done in a way that would only affect the richest Americans. So let us clarify the issue for those who are confused. Cuts that would have any meaningful impact on Social Security’s finances will necessarily fall on the middle class. Period.

Even if we were prepared to endure the damage that cuts for the rich would wreak on the program, doing so would not shore up Social Security’s finances. There is not enough money in the Social Security checks of the richest men in the country to buy the government an armored Humvee, let alone fill Social Security’s $700 billion shortfall.

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Senate Majority Leader Harry Reid’s appearance on Meet the Press this Sunday was a rare positive moment in a very bad couple of months for Social Security advocates. Reid, who is not known for his gifted oratory, gave the most cogent rebuttal of calls to cut Social Security of any elected official in recent memory. With Democrats out of power in the House, and Obama poised to make Social Security cuts part of a “bipartisan deficit reduction package” ahead of the debt-ceiling debate, Harry Reid may be the only man standing in the way of disaster for America’s favorite government program. Take a look at the full transcript of his remarks below, or click here for a clip of the exchange. more »

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