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That is not going to solve the problem. Where is the "borrowed" money going to come from? Either from issuing more debt (which will then need to be paid back) or from raising taxes.
Eliminating the SS wage cap will nearly solve the problem, a bit more tweaking (slight increase in payroll tax rate, slight increase in full retirement age, slight decrease in future benefits, or some combination thereof) will get us the rest of the way there. The solution is no secret, it's just that no one wants to propose it, for fear of voter backlash.
As soon as the SS month income shows a surplus Congress will move it to the General Fund and replace that money with non negotiable Treasuries just like they have done in the past.
You haven't fixed anything.
I am guessing this topic will get moved but since SS is an important part of retired peoples' income, I thought it would be appropriate to post it here.
The politicians are all chomping at the bit to reduce social security payments. I for one am opposed as I believe many retired people depend on their check to survive. What do we need to do to prevent this from happening?
Actually, the only thing the politicians are 'chomping at the bit to do' is get re-elected! There is no political benefit to reducing SS payments ... and sadly, the politicians have already been 'borrowing' all of the real money from SS for years, and replacing it with IOU's anyway.
-- As we enter another election season, many politicians will likely raise the specter of their opponent reducing SS, but, listen carefully ... no politician seeking re-election actually says that is what 'they' want to do. Instead, they are all clamoring to explain how they are going to "give more away" ... without, of course, increasing taxes.
As soon as the SS month income shows a surplus Congress will move it to the General Fund and replace that money with non negotiable Treasuries just like they have done in the past.
You haven't fixed anything.
It is a pay as you go system. Right now, current payroll taxes cover current benefits. We are fast approaching the time when that will no longer be the case. That is the problem. Elimination of the wage cap will come very close to fixing it.
It is a pay as you go system. Right now, current payroll taxes cover current benefits. We are fast approaching the time when that will no longer be the case. That is the problem. Elimination of the wage cap will come very close to fixing it.
The 2014 SS report showed that SS (OASI) had a surplus of $64 billion at the end of the year 2013.
SSDI is the one bleeding money and ended up with a -$32 billion deficit.
The 2014 SS report showed that SS (OASI) had a surplus of $64 billion at the end of the year 2013.
SSDI is the one bleeding money and ended up with a -$32 billion deficit.
IMHO the most obvious solution is to tell Congress to pay back all that money they "borrowed" when the fund had monthly surpluses.
But that will never come to pass.
Not sure why you think replacing the non negotiable Treasuries with any other "regular" Treasury bond or note would make a difference. In fact, I've never understood the whole foaming-at-the-mouth diatribes about Congress stealing Social Security money and replacing it with IOUs. If cash was sitting in a vault instead of these so-called IOUs, the situation would be exactly the same with respect to Social Security's future shortfall.
Even if you're currently collecting there seems to be a move to reduce/delay/screw up your earned pension.
SS took five months to update my mailing address, but gave me SIXTY DAYS notice to return their annual form
to indicate I was still alive and kicking, but out of the country.
The letter took four weeks to get to Canada, so I had thirty days to return it, AND ALLOW FOR THEIR PROCESSING, over which I have no control. If it's not processed, my auto. deposit simply stops until I STRAIGHTEN IT OUT. HUH?????
I am guessing this topic will get moved but since SS is an important part of retired peoples' income, I thought it would be appropriate to post it here.
The politicians are all chomping at the bit to reduce social security payments. I for one am opposed as I believe many retired people depend on their check to survive. What do we need to do to prevent this from happening?
74 million boomers marching naked and blaring horns in front of the White House ought to do it.
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