4/15/15 LETTER: Eliminate the income cap on Social Security deductions Richard Palumbo Asbury Park Press 

My wife and I are retired, and never anticipated a tragedy like superstorm Sandy. Despite years of saving, and financial planning, if I hadn’t had Social Security after Sandy hit, I have no idea what we would have done. We had to spend a huge portion of our retirement savings and take out a loan to rebuild.

Social Security, one of the most successful programs ever put forth by our government, is in trouble. I am very concerned about recent attacks against Social Security Disability Insurance (SSDI) beneficiaries — particularly a new rule in Congress that would make it more difficult to extend the solvency of the Disability Insurance program.

While some of our elected officials are referring to Social Security as an entitlement, that is not the truth. Our citizens contribute to this program for most, if not all, of their working lives. We can stabilize Social Security if we scrap the cap of $118,500 and have the wealthy contribute as the rest of our citizens do.

Deductions from payroll into Social Security began in 1937, and until 2009 the amount collected by beneficiaries exceeded the amount paid out. In fact, this excess has allowed the federal government to borrow trillions of dollars from the Social Security Trust Fund, which the government has been repaying with interest.

Over 59 million Americans, 40 percent of whom are veterans, depend on the income only Social Security provides. While meaning no disrespect, our elected officials give enormous amounts of our citizens’ treasure (in lives and wars) all over the world. Do not surrender our Social Security.

Richard Palumbo

Beach Haven West