News, Social Security won't be able to pay full benefits by 2035
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That could be a viable solution to shoring up some of SS:
1) tax ALL earnings without an upper limit
2) place a limit on pay out from SS system. If your income / assets combination ( place any figure here- let statisticians and lawmakers decide), then you ARE NOT getting SS checks at all. The rationale is that it is called a Social security.
Why stop there? Why not pass a law that lower income people pay less for a gallon of milk and higher income people pay more for that same gallon of milk? Ditto for cars and houses - why not make it so lower income people pay less than upper income people for a car... and gasoline... and utilities, clothes, restaurant tabs, cruise ship fare... etc.
Clearly, it is wrong to charge two different people different amounts for the same government benefit (FICA) simply because one added less value to society (and hence had a smaller paycheck) than the other.
Ah, a 2010 article from Forbes. I know the source of both you and the author's misconceptions.
There are different money supplies.
You, as a consumer, do not have access to all of the money supplies, and because you don't, you are not affected.
As a foreign central bank or foreign government, you would have access to all of the money supplies, and that does affect the currency exchange rates between foreign central banks and foreign governments.
Whether 1 € = $1.00 or 1 € = $0.50 has little bearing on you, unless you're purchasing large quantities of items from EU member-States that use the Euro.
So, are you, you know, purchasing large quantities of goods from EU member-States that use the Euro?
Contrary to what the author claims, M2, the money supply that affects you directly, has not substantially changed.
I'm not disagreeing that there is Inflation, I'm only disagreeing with the cause of that Inflation.
M2 causes Monetary Inflation, and Monetary Inflation is practically non-existent in your economy.
M2 causes the price of everything to rise. Everything means every thing, as in every single thing.
Name it. Whatever you name, the price rises.
That's door hinges, Post-It notes, toilet paper, electrical rates, cell phone rates, cable rates, healthcare, all insurance of any of kind, all food, all clothing, gasoline, carpeting, housing, curtains, rents, guitars, guitar strings, flutes, trombones, TVs, cell-phones, curtain rods, kitchen utensils, kitchen appliances, ice cream, lamps, wallets, purses, watches, jewelry, roofing materials, all building materials cars, DVDs, CDs, all electronics.
Even wages.
That's what "everything" means.
The price of everything is not rising, in fact, some prices are decreasing, which is not possible when Monetary Inflation exists, and since you don't have Wage Inflation, there must be another cause(s).
You.
You are the cause. What you're seeing is Cost-push and Demand-pull Inflation, and that's 100% all you.
I agree ,, not every increase is because of monetary inflation .... stop over using and creating excessive demand for many things and prices will come down ... oil is cheaper today then 10 years ago because what was once scarce is now abundant..
That could be a viable solution to shoring up some of SS:
1) tax ALL earnings without an upper limit
2) place a limit on pay out from SS system. If your income / assets combination ( place any figure here- let statisticians and lawmakers decide), then you ARE NOT getting SS checks at all.
The rationale is that it is called a Social security. If you are secure enough - having continuing income or plenty of assets generating income, then you are not getting any check in spite of contributing into the system.
If the country gave you an opportunity or you were smarter than the rest of the people and did very well in life- you can survive without SS checks.
Some of my friends do not need $2700 x2 max SS per month- they don’t even notice this amount. They will never run out of money.
And a lot of people are struggling.
Maybe we should rename it Social Insurance to have more acceptance?
Nobody is upset about paying all kind of insurances if they were lucky not to need it.
Maybe this could be a long term solution for SS?
Don’t kill a messenger- just think about it. We are becoming a rapidly divided society like in “3d world” countries where wealthy must live for their safety behind high walls and locked gates so they do not see, face the sometime an absolute poverty of their compatriots and crime
I will bet everything you recommend starts after a level it does not effect you
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