Sanders praises Geithner for decision to keep Social Security off the table in deficit negotiations

Sanders Statement on Social Security

BURLINGTON, Vt., Dec. 2 – U.S. Sen. Bernie Sanders (I-Vt.) issued the following statement today after Treasury Secretary Timothy Geithner, the White House’s chief deficit negotiator, said Social Security was off the table:

“I applaud the Obama administration. This is good news for more than 55 million Americans who have earned Social Security benefits today and every working American who will receive Social Security benefits in the future. The fact is that Social Security has not contributed a nickel to the national debt so it makes no sense for it to be part of deficit negotiations.

“The American people have been clear that Social Security should not be cut and that the wealthy and large corporations must play a significant role in reducing the deficit.”

Sanders, a member of the Senate Budget Committee, also is the founder of the Defending Social Security Caucus.

Contact: Michael Briggs (202) 228-6492

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5 Comments on "Sanders praises Geithner for decision to keep Social Security off the table in deficit negotiations"

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3 years 8 months ago
“The fact is that Social Security has not contributed a nickel to the national debt….”. Thank you Senator for speaking up. Unfortunately, the earlier message from Simpson-Bowles seemed to suggest that Social Security was a huge factor in the debt and a lot of people have bought that.In addition, people like GS CEO Mr. Blankfein tell us that “entitlements” are ruining the country . I look around me and see people struggling to exist from month to month, and then I hear of those like Mr. Blankfein whose level of compensation is almost beyond belief and I ask myself who… Read more »
walter carpenter
3 years 8 months ago

“Mr. Blankfein (and others at Wall Street)
are a greater problem than the average SS recipient.”

I agree. I think that what Mr. Blankfiein really does not like about social security, other than that it helps people other than himself (which is called socialism), is that he’s not getting his cut out of it. People like Blankfein cannot stand that.

Ann Raynolds
3 years 8 months ago
Yes. This fact that Social security does not impact the national debt has to be shouted from the roof tops — how did this truth get distorted? In addition, however, many of us believe that raising the cap on Social Security, so that those with incomes higher than the present amount — $110,000 I believe — would need to pay the same percentage of their income that I and everyone making less than this amount pay is a sound fiscal policy. And that if that creates in time a surplus, then it could contribute to the Medicare bills for those… Read more »
Bruce Post
3 years 8 months ago
I remember when former presidential candidate Steve Forbes was championing a “flat tax” system as a replacement for the federal progressive income tax. Well, the social security tax is a flat tax with one important caveat: the annual Social Security wage base limit. In 2012, it is $110,100. That essentially means that the flat tax rate of 4.2% becomes a “no tax” rate for every qualified wage dollar above $110,100. Maybe Steve Forbes — although I doubt it — can be counted on to advocate applying the Social Security flat tax to every countable dollar earned all the way up… Read more »
Lance Hagen
3 years 8 months ago
The statement that “that Social Security has not contributed a nickel to the national debt” maybe true but it is only half the story. Social Security is a factor in the national debt. See, once upon a time a few years back, Social Security took in more $ then it needed to paid out. It ran a surplus in funds. These surplus $ were loaned to the Treasury dept and the Social Security dept was given an ‘IOU’. Today the Social Security dept brings in fewer $ then it needs to pay out, therefore they need to go to the… Read more »
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