In this clip, famous economist Robert Reich explains why expanding Social Security would be a huge boost to the American economy. It’s astonishing to see how corporations and their Republican puppets in Congress have colluded to strip away every last comfort from the American working class- while they celebrate their billions, the worker can’t even retire in comfort. Most companies no longer offer pensions, and workers are paid so little that they are unable to save for retirement.
As the cost of pharmaceuticals skyrockets, that cuts even further into the pockets of retirees, leaving most retirees almost entirely reliant on Social Security for their income. It’s a retirement crisis that Republicans want to aggravate by slashing funding for the program, leaving our retirees to wither without dignity. While the right employs scare tactics and warns the program is unsustainable, Reich has a novel, common sense solution:
Cut the cap on Social Security taxes. People who make over $118,000 a year don’t pay any Social Security tax, leaving millions of dollars on the table and putting more money into the pockets of the one percent. All we need to do is make the wealthy pay their fair share.
Watch it here:
Colin Taylor is the editor-in-chief of Occupy Democrats. He graduated from Bennington College with a Bachelor's degree in history and political science. He now focuses on advancing the cause of social justice and equality in America.