How do we save Social Security? The program will run out of money in 2029, according to the Congressional Budget Office. (employment, salary)
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If you do that, you'd have to provide incentives to businesses to NOT lay off productive workers after they pass 50, and also to hire people 60+ who need the income to tide them over until their SS benefit kicks in. Too many people are getting stranded in the gap between (illegal) lay-offs simply for being "old" and the rising SS qualification age.
During any involuntary separation, HR departments and Legal departments evaluate the impact on each protected class, including the protected class of people over the age of 40. If the evaluation shows that there is a disparate impact on any protected class, the involuntary separation plan is changed.
What do you propose, OP - or is this just gloom and doom?
During the 2016 election cycle, this issue was rarely discussed.
The issue warrants discussion. Perhaps the electorate should demand that candidates address this. The mid-term elections are not that far away. We should not let a candidate get away with a platitude that "we need to honor all promises to retirees" as that's not a plan.
That government which takes from Peter to give to Paul shalt surely have the support of Paul.
Typically, the support of Peter as well. It's just the Ebenezers who don't seem to get it the first time around.
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Originally Posted by SportyandMisty
The root cause is that the SS system does not take enough from Paul in the first place to pay for Paul's future retirement benefits plus the administrative costs of the SS Bureaucracy. Taking more from Peter doesn't solve the problem.
SS is not some personal retirement account. As with any basic insurance program, current premiums are used to pay current benefits. Excesses if any are saved off as reserves against potential future liabilities. Percentages going to admin costs in all this are actually quite small.
If it ever runs out and seniors are not taken care for the greediest 01.% better be aware that they are in jeopardy of losing the democracy and their vast wealth and tax cuts when the next civil war starts if it doesn't start at the polls.
Don't worry people the Republicans aren't going to do anything to save social security or Medicare. That's what you voted for. Didn't read their platform? Sorry for you....
I don't see it that way. I think to make it equally fair to the rich and poor, their SS benefits should be more closely tied to their actual FICA premiums paid over their lifetimes.
Benefits are tied instead to the 35 highest years of covered earnings over their lifetimes, which for most folks is the very same thing. Very high earners may be edifferenr, as for some reason, they are not taxed for SS on wages above the cap the way they are for Medicare.
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Originally Posted by SportyandMisty
...and you also have to subtract out the bureaucratic overhead of the SS system, where government employees receive gold plated pensions & Cadillac health care.
Bitter much? LOL! And you might want to look up which pot workers at SSA are paid out of.
During the 2016 election cycle, this issue was rarely discussed.
The issue warrants discussion. Perhaps the electorate should demand that candidates address this. The mid-term elections are not that far away. We should not let a candidate get away with a platitude that "we need to honor all promises to retirees" as that's not a plan.
But, haven't we been calling for action for at least the last 20 years? The politicos don't want to touch it, it's a lightening rod. Do something, and some people aren't going to be happy, do nothing, and it's the next guy's problem, politicize it and you can blame the other guy. That's typical government SOP.
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