Election myth: Does the GOP want to privatize Social Security?

A second myth being propagated by Democrats this election season is that Republicans want to privatize Social Security. The basis for this rumor is Rep. Paul Ryan’s Roadmap for America’s Future, although it can probably be traced back to President Bush’s attempt to reform Social Security in 2005. Neither plan involves the privatization of Social Security.

The root of the problem is that Social Security is broke. The Social Security trust fund into which Social Security (FICA) taxes are paid into is filled with federal bonds, essentially promises to repay or IOUs. Social Security taxes are not invested on the worker’s behalf by the government. Instead, current FICA revenues are used to pay current benefits.

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