Democrats Unveil Bill To Boost Social Security Benefits & Keep System Solvent (wage, Baby Boomers)
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None of which does a damn thing until the Social Security surplus is taken out of the "general fund" and "lock boxed". The problem we have is that the trust fund was raided to fund "vote buying" programs-and the treasury notes issued to "pay" for them are repaid via general tax funds-at a rate aimed at guaranteeing the failure of SS. Had the money not been raided-or if these notes were repaid at the average growth rate of the DOW, there would be no crisis. Add to that the tremendous expansion of the "disability" portion of SS draining funds.
By law, surpluses must be invested in special issue treasuries, used as Government sees fit to spend.
It doesn't nothing to stop congress from taking the money and dropping in an IOU like they do every year now. Its another scam for congress to get its hands on more tax payer money.
Every policy democrats have raises taxes. In the end they own the taxpayer who is dependent on government and controlled by gov.
Problem one has with this bill is like others and including past "reforms" it basically gives yet more in excess than what certain persons paid into the system.
Social Security is far from an equitable scheme. Married persons (particularly with a stay at home wife) receive more in benefits than singles. Ditto those with minor and or disabled children over the childless. Those with weak work records/low income receive benefits that are massaged to increase their value over those who earned for much of their qualifying quarters. In short democrats for years have attempted (with some success) to turn SS into basically welfare.
All this goes on while ignoring fact increases in SS taxes and so froth raid the piggy bank of the young to provide even more for the old. This bill comes at a time when everyone is moaning about how the Millennial generation is mired in debt, not generally doing well as their parents or grandparents and in particular not purchasing homes.
Since the 1950's American workforce has been steadily shrinking for various reasons. This has continued and even speeded up by productivity gains made via technology. So you have now and shall continue to have smaller numbers of those employed for wages supporting a large number of seniors on SS. This will go on until much of all of the BB generation is in their graves. Then there will be a pause for a bit until the next large demographic wave (Millennials) reach retirement age.
United States last among western industrial nations (IIRC) has failed to update its SS scheme. It still is largely mired in and based upon an "Ozzie and Harriet" 1950's world.
Nor should spouses automatically get them either as of right. It is time to take a page from other countries and limit or means test some of these benefits if not outright eliminate.
I am sure exactly zero congressional Ds think this will get passed in the Senate.
That's not why they're doing it. Duh.
They're doing it to show what the voters would get, if democrats controlled the Senate and had a president in office whose agenda was to serve the interests of the people.
They're doing it to show what the voters would get, if democrats controlled the Senate and had a president in office whose agenda was to serve the interests of the people.
A fix should have been made decades ago. The last time the Democrats controlled all three it was made less solvent with a payroll tax deduction.
I give the Democrats some credit if they are serious about fixing it, but I am not keen on raising the payroll tax from 12.6 to 14.8% (remember your employer match is part of your compensation), especially as the numbers make it a crappy investment for middle class people.
Quote:
Originally Posted by Hopelesscause
While they are at it, they should give men higher Social Security checks than women since actuarially we don’t have as many years to live to recover what we paid in during the working years.
#Blue Tax...oh wait, it doesn't check the correct victim identity box...therefore point is invalid.
I am sure exactly zero congressional Ds think this will get passed in the Senate.
That's not why they're doing it. Duh.
Yep, it's a giant free money promise with a longterm 2.4% FLAT TAX increase on workers.
This is absolutely not designed to pass, it's designed to create a wedge issue heading into 2020.
If it's voted down, then it will be played like "they're protecting the fat cats >400k" while glossing over the fact that this is essentially a wealth transfer from average workers to retirees.
I'm not opposed to all of the stuff being proposed but to lay the vast majority of the bill at the feet of workers with a Flat tax....even with a 2 decade phase in....that's the reality here.
The other part I'm annoyed by is the taxing on those getting bigger SS checks because it penalizes those that saved and have other investments.
Imagine Bob and Larry both working on the same assembly line for 40+ years and Bob has no 401k because he didn't want to take the paycheck hit but Larry has $1million in it after decades of saving. Hey! Let's help Bob and make Larry pay for it with higher taxes! It's only FAIR! Ugh.
Last edited by Mathguy; 02-04-2019 at 07:54 AM..
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