Social Security is on the ballot this election. Dedicated payroll taxes are the way Social Security is funded, and President Trump’s executive order last month imposed a payroll tax cut from September through December. Currently those taxes are deferred and will need to be paid back next year, but President Trump has pledged to eliminate payroll taxes altogether in his second term. At a press briefing on August 12, President Trump said if he is re-elected, “we are going to be terminating the payroll tax after the beginning of the new year.” 

According to Social Security’s chief actuary, if payroll taxes are eliminated and not replaced by any other funding source, the program’s trust fund will run dry by 2023.

On August 13, AARP CEO Jo Ann Jenkins sent President Trump a letter asking for more information about the administration’s remarks regarding eliminating the dedicated funding for Social Security.

“The foundation of Social Security, for 85 years, is that workers and employers pay into the program, and workers earn their benefits,” Jenkins stated. “AARP believes permanent elimination of payroll contributions would put Social Security benefits at risk for both current and future retirees.”

Social Security originated during the Depression as a part of Franklin Delano Roosevelt’s New Deal, and is an important source of income for the 65 million Americans who receive it. People currently employed count on it as part of their future retirement plans.

Vote your pocketbook! Vote for Joe Biden and Kamala Harris, who will continue to support one of FDR’s most important legacies, Social Security.

This is an issue that should unite both Republicans and Democrats. Financial security is important to us all.

Kathy Buzza