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SSI has over $2.5 trillion in assets and it is perfectly fine at least until 2049 without a single change at all. Simply removing the SSI cap (where the rich only pay SSI taxes on the first $109,000 made per year) will make SSI solvient until 2090. The people saying we have to cut the elderly loose and let them die in the streets are lying.
And the only ones saying that are the left whose only missio is to demonize anything with an R next to their name.
Correct. And until then SS has to borrow to make their monthly payments.
And what is worse is that payroll taxes are lower this year which is even less going to SS by taxpayers.
And it ends up being a big circular game between the Fed, the Treasury and all the agencies.
I believe I read that last month SS started that borrowing.
SSI has over $2.5 trillion in assets and it is perfectly fine at least until 2049 without a single change at all. Simply removing the SSI cap (where the rich only pay SSI taxes on the first $109,000 made per year) will make SSI solvient until 2090. The people saying we have to cut the elderly loose and let them die in the streets are lying.
can you give us a link to the people saying that?
because i think it should have been in the news by now..
Well it's obvious your a victim of right wing propaganda.
But let me ask you this....Since your money is now going into your private account. How are current retirees going to get their money? Because they rely almost 95% on what you pay into SS to fund their retirement now.
Don't tell me.......................You want to borrow Trillions from China to fund your scheme?
This problem has been going on for years. preident Bush tried to address the SS problem but, the dem controlled Congress would not even sit down and discuss.
The D's had control of the House for 4 years. Total control of Congress and the WH for 2 years. Show us what they have done to address the problems. Anything.
I have read on here all the left whinning about the repubs addressing the issues.
Entitlements have to be cut because we gave Bill Gates a nice fat tax cut.
That's the answer. What Bill Gates saved in taxes is enouh to pay the total US debt. And we wonder why we are in the situation we now have with this type of thinking in charge.
All I can say is that the GOP is trying their best to lose the House back to the Dems as soon as possible. Cut Medicare or SS and watch your political career go down in flames. But hey, don't let reality get in the way, go for it.
Casper
So, you are saying politicians should NOT do anything that might jeopardize their chance of re-election. They shouldn't try to fix a massive financial problem at the cost or re-election?
Entitlements have to be cut because we gave Bill Gates a nice fat tax cut.
If we taxed "the wealthy" at a 100% rate (everyone making over $250,000), thus instituting slavery for this group, we would still have a deficit.
Try again. This time, think about cutting entitlements. Keep in mind that Bill Gates "received" nothing. He, like the rest of us, still pay. It is insane to complain that there is not enough tax revenue for entitlements when the government has exercised gross dereliction of duty with regard to the fiancial management of the nation. If taxes were raised, they would simply find more entitlements to spend on (see Obamacare) and create a bigger problem. Every beggar wants more and more- it is human nature. I do not deride the poor for trying to get what they can, but the bucket is empty now and the "bread and circuses" is coming to an end. Time to pull one's self up by the bootstraps and take some personal responsibility for one's existence. I never needed the federal nana to bounce me on thier knee and spoon feed me. Having created a large cohort of fiscal infants by the social programs, we have simply created a bigger problem.
We have a spending problem, not a revenue problem.
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