Post by Tony Fransetta
Tony Fransetta is President of the Florida Alliance for Retired Americans, with a membership of over 200,000 in the Sunshine State
By the time we reach our golden years, we are faced with issues from day to day can seem overwhelming. However, with age comes wisdom, and many seniors in Florida know that we cannot afford to slow down or disengage. Instead, we must remain involved in world events and the struggles our children and grandchildren undertake for a better future.
The demonstrations on Wall Street over the past two weeks by our country’s young people are educating the public on the excessive greed of Wall Street, the outcomes of bailouts with our tax dollars, and the endless problems Wall Street continues to cause for working America. The actions of the anti-Wall Street protesters camped out in a Lower Manhattan park are now inspiring actions across the country and attracting broad-based backing from labor unions and community organizations.
We told our children and grandchildren to go to school and get a good education. For what? America is failing these generations. Where are the jobs? Overseas. Where is the capital? In offshore accounts.
It is clear that our enemies are not only on Wall Street, but are also the Members of Congress funded by that top 2%. These politicians claim that the super-rich and largest corporations are “job creators” and shouldn't be asked to pay their fair share. We don’t buy it. The only jobs created by them are in China, Mexico, India, Cambodia, and elsewhere.
Our children and grandchildren cannot find dignified work, let alone hope to retire with dignity under the current system. We must remain determined not just to create good jobs, but to protect the programs like Medicare and Social Security that have allowed Americans to retire with dignity.
Unfortunately, as big corporations and the super-rich shatter the dreams of our youth for a decent job, they are also actively working to destroy programs that are currently in place to assure them decent years later in life. They spread lies about programs like Social Security, seeking to convert the program to a private account system. Good for Wall Street, bad for the financial security of our young people.
Like decent jobs, our youth need decent social insurance programs. Social Security is just another program that serves the 98% of our country and is under attack. For 76 years, through good times and bad, Social Security has paid out every benefit owed to every eligible American. It is completely solvent for the next 25 years.
The most effective way to strengthen Social Security for many future generations is to raise the cap on payroll taxes that go to Social Security, currently capped at $106,800. Currenly, someone earning $106,800 pays the same amount of money into Social Security as billionaires like Bill Gates, because all income above that amount is exempt from the Social Security payroll tax. As a result, 94% of Americans pay Social Security tax on all of their income, but the wealthiest 6% do not.
Fortunately, Senator Bernie Sanders, has introduced an important bill, the "Keeping Our Social Security Promises Act" which would scrap the payroll tax cap for those earning $250,000 per year or more.
However, too many of our elected officials are more concerned with their own elections than about speaking out on behalf of the people they represent in this critical and heartbreaking time. Many refuse to show the kind of courage of Vermont Senator Bernie Sanders and Senate candidate Elizabeth Warner in Massachusetts. At least some real courage these days is coming from the youth who are piecing together who’s responsible for the mess we are in and speaking out against Wall Street greed and those who do the bidding of Wall Street.
We need to join the effort to help our children and give courage to our elected representatives to stand up for America's future.
Visiting and calling our elected representatives is absolutely necessary. But more than that, it is time to join our young people in the streets. It’s time to demand for a fairer economy and good jobs that will allow future generations to work and retire with dignity.
[Image: Adbusters.org]
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