Social Security at 89: Ohio conversation tackles myths and reform

Farah Siddiqi

As Social Security marks its 89th anniversary, the program's future remains a crucial topic of discussion.

Jennifer Carlson, state director for AARP Ohio, led a community conversation to commemorate the event, focusing on the challenges facing Social Security and the importance of protecting it for millions of Americans. She said the program remains vital for older Americans.

"Ninety-four percent of Ohio's voters age 50 and older are more likely to vote for a candidate who will work to protect Social Security," Carlson reported. "From our viewpoint, if you pay into it and earn through a lifetime of hard work, you should count on it."

During the event, Carlson emphasized the financial challenges facing Social Security, particularly the risk of a 20% benefit cut if Congress does not act. Panelists discussed potential solutions, such as eliminating the payroll tax cap and improving the cost-of-living adjustment formula to ensure the program's long-term solvency.

Carlson argued it is important for the community to stay involved in securing Social Security's future and AARP is committed to helping older Americans navigate their options.

Max Richmond, president and CEO of the National Committee to Preserve Social Security and Medicare, sought to dispel common myths surrounding Social Security. Richtman addressed one of the most common misconceptions, which suggests Social Security is broke.

"That is untrue, totally false," Richmond stressed. "When people hear that, they think, 'Well, I may as well not support the program because it's going to be broke.' But that's simply not the case."

Richtman explained while the surplus in Social Security's trust fund is being drawn down, it will never be completely depleted unless the country faces 100% unemployment. He also rebutted claims that undocumented workers are draining the system. He pointed out they also contribute to Social Security, but will never collect benefits if they lack a valid Social Security number.

Romina Boccia, director of federal budget and entitlement policy at the Cato Institute, addressed the economic implications of potential solutions and warned raising payroll taxes to avoid benefit cuts could impose a burden on younger workers.

"A U.S. worker earning about $60,000 a year would end up paying more than $10,000 in taxes for to keep the program funded as it is currently," Boccia outlined. "That would be a more than $3,000 tax increase for someone making a fairly modest income."

The event concluded with a clear message: Social Security remains a cornerstone of financial security for millions but its future depends on informed public discourse and responsible political action. A future event is planned in Sioux Falls, South Dakota.