Social Security has reached its final stage; the numbers paint a poor picture. If no changes are made, this program, the cornerstone of the American safety net, will face failure by 2035.
Without intervention, benefits could be cut by 17% in just 10 years, pushing millions of seniors into poverty. The problem stems from rising unemployment, a declining labor-to-retirement ratio and a growing elderly population. While many agree that Social Security needs reform, the reform process remains a battleground.
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Sen. Bernie Sanders has been one of the most outspoken advocates for solutions that address the glaring inequity in Social Security provision. He openly stated that the current system is helping the rich disproportionately.
In a Facebook post from September, Sanders wrote, “It makes no sense that a billionaire in America today pays the same amount of Social Security taxes as someone making $168,000 a year.” It’s time to ditch the cap, increase benefits and fully fund Social Security. .”
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This is not a new stance for Sanders. He has been beating the drum about wealth inequality for years, often pointing out that billionaires like Elon Musk and Jeff Bezos have more wealth than the bottom half of the US population. Mr. Sanders has proposed “removal of the cap,” meaning that the income tax paid by Social Security taxes – currently $168,600 – will be raised.
His plan features a tax rate of over $250,000 at the same rate of 6.2% as everyone else, to ensure that millionaires and billionaires pay a fair share to the system.
According to Sanders, this measure would make Social Security permanent for 75 years and allow for extended benefits, increasing payments to recipients by up to $2,400 per year.
Sanders also spoke passionately about the challenges many adults face. On his website, he asserts, “You can’t live in dignity if you’re trying to live on $16,000 or $14,000 a year in Social Security benefits.” His proposals go to the heart of the matter, linking tax reform to more economic governance. For Sanders, Social Security isn’t just about retirement security — it’s about ensuring people can live with dignity in a system he argues is biased toward the wealthy.