Republicans have proposed cuts to programs that Americans rely on, including Social Security. They believe that raising the retirement age and then collecting less money would “trim” $1.5 trillion from government spending. Here’s how the program works and why that plan won’t.
Although Social Security is associated with retirement, it also provides survivor benefits for widowed spouses and disability income for people unable to work.
Social Security is basically an insurance program. Money is withheld from wages and added to the fund. To collect this “insurance,” a person must work for at least 10 years and be at least 62. Per Investopedia, “Workers can earn up to four credits each year. One credit is granted up to $6,920 for every $1,730 earned in 2024, or up to four credits achieved.”
The Social Security fund is not government spending; it is taxed money that Americans have paid into. Proponents of Social Security cuts swear that it will lower the debt ceiling. This is, however, misleading, as payouts for Social Security are not subject to the federal debt limit.
While the need to lower the debt ceiling and reign in government spending is vital for the health of the economy, the propaganda that gutting Social Security will help Americans, particularly Black Americans, is just that: propaganda. Social Security has nothing to do with the debt ceiling, and everything to do with helping the aging Black community live with dignity.