Bankruptcy BS: The SS & Medicare canard

From Think Progress, more on what we'll call the big lie on Social Security. In a piece on the "24 myths" told by Paul Ryan in last night's debate, it addressed the Medicare and Social Security question:

“Medicare and Social Security are going bankrupt. These are indisputable facts.” [T]he possibility of Medicare going bankrupt is — and historically has been — greatly exaggerated. In fact, if no changes are made, Medicare would still be able to meet 88 percent of its obligations in 2085. Social Security is fully funded for another two decades and could pay 75 percent of its benefits thereafter. There is also an easy way to ensure the program’s long-term solvency without large changes or cuts to benefits.

And it links back to a simple fix that I've been advocating, one that will not hurt current or future retirees:

They also ignore an easy way to ensure the program’s long-term solvency without large changes or cuts to benefits. Payroll taxes that finance Social Security are only collected on income up to a certain level ($110,100 in 2012), creating a regressive system that puts an undue burden on low- and middle-income workers. Eliminating that cap would allow Social Security to pay full benefits for the next 75 years, according to a Congressional Research Service report.

So, to reiterate my tweet from last night:

Medicare and SS are not going bankrupt. That is Washington BS.

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