Social Security, one of the most viable federal government programs, will be paying a cost of living increase of 8.7% this year. This is good news for the program’s beneficiaries. The design of this program includes a cost of living increase based on inflation yearly. Most pension plans do not provide for this.  As a recipient of Social Security this system allows me to keep up with inflation. Among older women who receive Social Security, 42% get one-half their income from Social Security.

During my career as the CEO of a non-profit organization in Maine called Pathways I worked for over 30 years with clients who had challenges; physical, mental or both. Social Security is critical to this population as well. With reduced benefits many of these people would be homeless and/or unable to pay for needed medications. This should not be allowed to happen!

Social Security is financed by payroll taxes collected from workers. Therefore, there is a social contract between these workers and their government.  Workers pay these taxes only on salaries up to 160,000 for 2023. A report from the Social Security trustees says the program will be unable to pay full benefits after 2035. By that time they estimate Social Security will be able to pay 77% of current benefits. One way to avoid this dilemma is to eliminate the cap. Let’s face it, someone who earns more than 160,000 a year can afford to pay a higher level of taxes.

We need to ask our members of Congress to take action to preserve Social Security and not allow the amount paid to its beneficiaries to ever be reduced!

 

Joel Packer

Litchfield

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