The Social Security Solvency and Sustainability Act slashes benefits drastically but continues to require workers to pay the same level of contributions specified under current law. Workers’ paystubs would continue to show that they were contributing to Social Security, but that would be only partly true. Workers would be contributing $6.2 trillion more than what would be needed.
Graham, Lee, and Paul propose to “borrow” those excess contributions, all $6.2 trillion worth, the way a school yard bully borrows –with no intention ever of repaying the money. Like school yard bullies, the three Senators even bragged about the fraud. Their press release announcing their proposal describes “What the plan accomplishes,” and lists as the very first accomplishment, “Reduces debt held by the public by $6.2 trillion by 2085.” How can they reduce the debt held by the public? By “borrowing” $6.2 trillion from Social Security’s Trust Funds with no intention of ever paying as much as a penny back.