Senior Advocate Says Social Security Not Part of Deficit
An advocate for retired persons says some have lead the public to believe that Social Security is part of the federal budget deficit. He says that simply isn't true.
Wisconsin Alliance For Retired Americans Executive Director Billy Feitlinger spoke at the Rhinelander District Library.
In the upcoming debate in Congress this fall, a proposal is to cut the amount of potential increases called the "Chained CPI".
He outlined the descent the economy has taken since 2000, including the Great Recession....
"....so that is the reason we are in this predicament..by the way, did I mention Social Security in that discussion? Strange...Some people in Congress want to cut benefits, yet is not a cause for any part of the federal budget deficit...."
Feitlinger says the Congressional Budget Office reports the Social Security Trust Fund has not contributed one penny to the federal deficit. He also says the fund is stable for many years. Up to 35 percent of people rely on Social Security for their primary income.
He says there have been efforts to privatize Social Security, but he says if that had been done as proposed a few years ago, most retirees would have lost much of their income when the Stock Market fell.
Feitlinger is asking residents to contact their members of Congress to not pass the "Chained CPI".