Tuesday, March 11, 2025

Why Billionaires Hate Social Security

Republicans and their morbidly rich donors have hated Social Security ever since it was first created in 1935.

They've called it everything from communism to socialism to a Ponzi scheme. In fact, it has been the most successful anti-poverty program in the history of America, one now emulated by virtually every democracy in the world.

ut the rightwing billionaires hate it for several reasons.

Comments

"The first and most important reason is that it demonstrates that government can actually work for people and society:

That then provides credibility for other government programs that billionaires hate even more, like regulating their pollution, breaking up their monopolies, making their social media platforms less toxic, and preventing them from ripping off average American consumers.

Thus, to get political support for gutting regulatory agencies that keep billionaires and their companies from robbing, deceiving, and poisoning us, they must first convince Americans that government is stupid, clumsy, and essentially evil."

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"Ronald Reagan began that process when he claimed that government was not the solution to our problems but was, in fact, the cause of our problems. It was a lie then and is a lie now, but the billionaire-owned media loved it and it's been repeated hundreds of millions of times.

Billionaires also know that for Social Security to survive and prosper, morbidly rich people will eventually have to pay the same percentage of their income into it as bus drivers, carpenters, and people who work at McDonald's.

Right now, people earning over $176,100 pay absolutely nothing into Social Security once that amount has been covered.

To make Social Security solvent for the next 75 years, and even give a small raise to everybody on it, the simple fix is for the rich to just start paying Social Security income on all of their income, rather than only the first $176,100.

The entire solvency and health of Social Security could be cured permanently, in other words, if we simply did away with the "billionaire loophole" in the Social Security tax."

much more at the link... or shorter at the video version:

www.youtube.com

#1 | Posted by Corky at 2025-03-11 08:15 PM

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