Social Security’s financial operations are handled through the Old-Age and Survivors Insurance (OASI). This fund faces long-term financing shortfalls under currently scheduled benefits and financing. It is projected the fund will be depleted in 2034.
The Social Security and Medicare Boards of Trustees projects Social Security’s total cost will exceed its total income (including interest) in 2018 for the first time since 1982
#KeepOurTrust is a grassroots campaign urging targeted members of Congress and Congressional candidates to sign the #KeepOurTrust pledge.
This pledge asks selected members of Congress and candidates to support legislation that prohibits funds from the Social Security Trust Fund being spent on anything other than paying Social Security Retirement Funds. Additionally, it requires the U.S. Treasury to repay the funds that have been borrowed from the Trust Fund.
By signing the #KeepOurTrust Social Security Trust Fund Protection Pledge, the policy-makers of our nation take a stand to help protect Social Security by supporting these principles:
We must act now to fix Social Security and circumvent a 25% benefit cut to retirees.
It has been 35 years since the Reagan Administration passed the last significant Social Security overhaul legislation. And since 1985, the Trustees have acknowledged the changes made then would only be sustainable in the short term. For over three decades it has been no secret we need to return to the Social Security and put serious thought into how we can secure its future in the long run–before it becomes an emergency.
But 35 years later, there has been no serious discussion or progress regarding Social Security sustainability or financing. At this time, the Trustees hold firmly that in 16 years, with no intervention, the $2.9 trillion surplus will be depleted and a 25% benefit cut in effect.
There are already several heavily researched potential policies for reversing the path toward insolvency and rebuilding the surplus. By creating and passing a package of several of these policies now, we can restore the Trust Fund’s health and protect the beneficiaries depending on it. Now is the time to act–not when we’re standing on the doorstep of forced benefit cuts.
#KeepOurTrust is asking members of Congress to pledge to work together and make Social Security a priority.
We must end payroll tax spending on anything other than Social Security benefits.
As long as federal law requires surplus payroll taxes to be converted into Treasury bonds, the federal government will continue to use contributions intended for paying Social Security benefits to pay for general expenses.
The #KeepOurTrust Pledge movement aims to ensure that we work on passing legislation that will end the practice of spending payroll taxes on anything other than Social Security payments.