social security

[Danzig]

When Lew says Social Security is "entirely self-financing," he refers to the trust funds that have built up assets of more than $2.5 trillion over the years. That’s what the rest of the government has borrowed and spent on other things. Those trust funds and the future interest payments will keep benefits funded at promised levels for years to come, it’s true. But unless the government raises taxes or cuts other spending substantially, the government will need to borrow more from the public to finance its obligations to the trust funds.

[dellinger63]

True Ponzi scheme.

As soon as contributions don't cover expenses it will be exposed for what it's always been!

[Riot]

Originally Posted by dellinger63

True Ponzi scheme.

Silly hyperbole.

[Riot]

Originally Posted by Danzig

When Lew says Social Security is "entirely self-financing," he refers to the trust funds that have built up assets of more than $2.5 trillion over the years. That’s what the rest of the government has borrowed and spent on other things. Those trust funds and the future interest payments will keep benefits funded at promised levels for years to come, it’s true. But unless the government raises taxes or cuts other spending substantially, the government will need to borrow more from the public to finance its obligations to the trust funds.

Simple fix, like the other simple fixes that have happened over the years:

Raise the cap to $200,000 or $250,000

Social security will then be funded at full benefits (heck could even increase benefits with that) into perpetuity based upon expected population and length of life.

Yes it's that simple.

[dellinger63]

Originally Posted by Riot

Simple fix, like the other simple fixes that have happened over the years:

Raise the cap to $200,000 or $250,000

Social security will then be funded at full benefits (heck could even increase benefits with that) into perpetuity based upon expected population and length of life.

Yes it's that simple.

Sure punish success.....Capitalism at its best!

[Riot]

Originally Posted by dellinger63

Sure punish success.....Capitalism at its best!

Not really. Has nothing to do with "capitalism" or "success". You're defining "success" backwards, based upon where the cap is now. That's not very logical. The vast majority of people pay out of every dollar they earn. The cap is arbitrary. No reason not to move it up a little.

Move it up a little, especially on people that will hardly notice it, versus people where it will make a life-impacting change, and everyone - including them - benefits greatly.

[dellinger63]

Originally Posted by Riot

Not really. Has nothing to do with "capitalism" or "success". You're defining "success" backwards, based upon where the cap is now. That's not very logical. The vast majority of people pay out of every dollar they earn..

Look I consider success (at least financially) in dollars made not dollars paid in taxes.

I know Dems would love to see virtually every shortfall covered by the (vast minority as you'd call them) in fact that is the essence of them being called socialistic.

BTW Dems who are currently in support of the overpaid fat and happy public workers don't seem the least concerned with the 'vast majority' being forced to pay despite barely making it.

[somerfrost]

Originally Posted by dellinger63

Look I consider success (at least financially) in dollars made not dollars paid in taxes.

I know Dems would love to see virtually every shortfall covered by the (vast minority as you'd call them) in fact that is the essence of them being called socialistic.

BTW Dems who are currently in support of the overpaid fat and happy public workers don't seem the least concerned with the 'vast majority' being forced to pay despite barely making it.

Every time it is suggested that the rich pay their fair share there is a cry of "unfair" from the Republicans. I don't care whether you call it a tax or a loaf of bread, the bottom line is that Social Security needs repair and you can do so by taking away from those who don't need it or those who do, wipe away all the political crap and it's that simple. Call it Socialism if it make you feel better but if you have a six digit yearly income you simply don't need social security, if you rely on that monthly check to survive...you sorta do!

[jms62]

Originally Posted by somerfrost

Every time it is suggested that the rich pay their fair share there is a cry of "unfair" from the Republicans. I don't care whether you call it a tax or a loaf of bread, the bottom line is that Social Security needs repair and you can do so by taking away from those who don't need it or those who do, wipe away all the political crap and it's that simple. Call it Socialism if it make you feel better but if you have a six digit yearly income you simply don't need social security, if you rely on that monthly check to survive...you sorta do!

Social Security was fixed in the mid-80's but our forward thinking presidents took the money and left a bunch of IOU's. All of them Regan, Bush I, Clinton, Bush II.

http://www.ssa.gov/oact/progdata/taxRates.html

On another note if you are not pissed off enough I highly recommend

http://www.amazon.com/Griftopia-Mach...9521214&sr=8-1

[Princess Doreen]

Originally Posted by somerfrost

Every time it is suggested that the rich pay their fair share there is a cry of "unfair" from the Republicans. I don't care whether you call it a tax or a loaf of bread, the bottom line is that Social Security needs repair and you can do so by taking away from those who don't need it or those who do, wipe away all the political crap and it's that simple. Call it Socialism if it make you feel better but if you have a six digit yearly income you simply don't need social security, if you rely on that monthly check to survive...you sorta do!

Every time there is a shortfall in the government, it's always the rich people's fault; it's never the government's spend too much fault.

[dellinger63]

Originally Posted by somerfrost

Every time it is suggested that the rich pay their fair share there is a cry of "unfair" from the Republicans!

When the top 5% 'the rich' pay for 54% over half of income tax collected I'd argue they are paying their fair share and then some.

[ArlJim78]

Originally Posted by somerfrost

Every time it is suggested that the rich pay their fair share there is a cry of "unfair" from the Republicans. I don't care whether you call it a tax or a loaf of bread, the bottom line is that Social Security needs repair and you can do so by taking away from those who don't need it or those who do, wipe away all the political crap and it's that simple. Call it Socialism if it make you feel better but if you have a six digit yearly income you simply don't need social security, if you rely on that monthly check to survive...you sorta do!

wow
So if I read this correctly, not only should the wealthy pay more into social security, (their "fair share"), but they should also get zero benefits?
your sense of fairness doesn't make a lot of sense to me.
this type of argument is always used to derail legitimate refrom of the program. its not going to be fixed simply by taking more from the wealthy. the big problem is the the declining number of workers supporting a larger population of retirees.

[Danzig]

Originally Posted by somerfrost

Every time it is suggested that the rich pay their fair share there is a cry of "unfair" from the Republicans. I don't care whether you call it a tax or a loaf of bread, the bottom line is that Social Security needs repair and you can do so by taking away from those who don't need it or those who do, wipe away all the political crap and it's that simple. Call it Socialism if it make you feel better but if you have a six digit yearly income you simply don't need social security, if you rely on that monthly check to survive...you sorta do!

like i said, if you only pay it back to those who 'deserve' it, it's no longer what it was set up to be. if we aren't paying enough to keep it solvent, raise the withholding-don't lower it like what was done for this year! and don't let the gov 'borrow' from it, then we have to pay that back as well.

[Danzig]

Originally Posted by Riot

Simple fix, like the other simple fixes that have happened over the years:

Raise the cap to $200,000 or $250,000

Social security will then be funded at full benefits (heck could even increase benefits with that) into perpetuity based upon expected population and length of life.

Yes it's that simple.

and who's going to suggest that simple fix?! the leading dems are all in denial about the need for a fix. i still don't understand why they lowered the ss withholding for the year-making a bad situation worse. we're facing a serious situation. viewing the problem thru rose-colored glasses saying 'oh, it's so easy to fix' when no one is willing to take the bull by the horns is no fix at all. our oh so brave pols are unwilling to do something that might cost them some votes come election time.
yeah, we all know we need to bell the cat. the question is who will do the deed???


the truly sad part will be when our taxes get raised to pay interest on the money borrowed. so, we pay extra to put our money back into ss, where it should have stayed in the first place.


as for 'raising the cap'....how can you require people to put into social security, ostensibly for them to regain at retirement, and then tell them they can't have it after all? it's no longer a retirement fund when you do that-it's a tax.

[Riot]

Originally Posted by Danzig

and who's going to suggest that simple fix?! the leading dems are all in denial about the need for a fix.

Harry Reid has already suggested that this senate. The Dems have always embraced that.

The "denial" is what you posted about the stability of the system for the next 27 years; the Dems accurately point out that SS does not need an "immediate emergency fix with reduction of benefits" as the Republicans would like to do, are maintaining must be done, right now.

as for 'raising the cap'....how can you require people to put into social security, ostensibly for them to regain at retirement, and then tell them they can't have it after all?

What are you talking about? Nobody would do that. Who would be told they can't have it? I don't know what you are speaking of? Believe me, with the ages people are living to now, everyone would still get out more than they put in, as now. The cash flow would be outstandingly better.

it's no longer a retirement fund when you do that-it's a tax.

A tax? No. It's exactly what we have now. Exactly. A percentage of income up to a dollar amount of gross income. The cap is simply raising that dollar amount from $103,800 to $200,000.

[Danzig]

Originally Posted by Riot

Harry Reid has already suggested that this senate. The Dems have always embraced that.

The "denial" is what you posted about the stability of the system for the next 27 years; the Dems accurately point out that SS does not need an "immediate emergency fix with reduction of benefits" as the Republicans would like to do, are maintaining must be done, right now.



What are you talking about? Nobody would do that. Who would be told they can't have it? I don't know what you are speaking of? Believe me, with the ages people are living to now, everyone would still get out more than they put in, as now. The cash flow would be outstandingly better.



A tax? No. It's exactly what we have now. Exactly. A percentage of income up to a dollar amount of gross income. The cap is simply raising that dollar amount from $103,800 to $200,000.

er, the denial was in the link above, where leading dems said that ss has no effect on the deficit, which is untrue. they seem to have no idea what state ss is in, which probably explains the cut to withholding. yeah, let's lower taxes..then we can raise them to pay the interest to get ss back where it needs to be. makes perfect sense. and yes, it is a tax. let's not kid ourselves on that. changing retirement ages, cutting benefits, etc. many do not get back what they put in.