Three Years is All That's Left of Social Security if Trump is Re-Elected

4.3 million children also depend upon it.

According to the organization Social Security Works:

"About one in three Social Security beneficiaries are receiving disability or survivor benefits.

"Social Security is by far the nation's most important life insurance policy, providing benefits to older persons (i.e., widow and widowers) whose spouse has died, to many younger spouses caring for dependent children, and to children whose parent has died. Social Security's protections are estimated to have a present value of $612,000 in life insurance and $631,000 in disability insurance for a married worker who has average earnings and two children under 5 years old."

It adds:

"Social Security works for all Americans, and it has never been more important to our economic security:

• • • • • Sixty-one million depend on Social Security--more than 1 out of every 6 Americans.
        • Just over 3 in 5 seniors depend on Social Security for most of their income.
        • One-third of seniors rely on it for at virtually all (90% or more) of their income.
        • Social Security's benefits are modest, but vital, averaging around $15,000 per year.
        • Social Security lifts 22.1 million Americans out of poverty. Without it, the poverty rate of our seniors would be nearly 41%; instead it is just under 9%.
        • It is an extremely efficient program, with administrative costs of less than a penny on the dollar."

Those who make more than $137,700 per year, however, are exempt from further contributions.

Some lawmakers, most notably, Vt. Sen. Bernie Sanders, have called for lifting that cap--or at least raising it--so we increase the $2.9 trillion surplus to make it solvent into perpetuity.

To add to the Social Security Trust Fund value, capital held within the fund is invested in interest-bearing federal securities, also known as Treasury bonds, the government's full faith-and-credit guarantee.

Image credit: Tax Policy Center via Mother Jones

Trump proposed, beginning next month, the Treasury Department stop collecting the 6.2% payroll tax from workers who earn up to $104,000 annually, through the end of the year.

But the IRS needs to inform companies about who is eligible for the temporary cut and how to keep track so the taxes can eventually be repaid.

Yes, repaid.

Taxpayers are not off the hook.

They will owe that money.

Maya MacGuineas, president of the Committee for a Responsible Federal Budget, asked:

"What good does that do people if they just get a temporary payroll tax cut and have to put that somewhere to save it to repay the money in a balloon payment a couple of months from now? That's really done very little to improve the economy."

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