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An increase would be to MY benefit in the very near future, but it wouldn't be in the interest of the economy or of the people of this country, so I would have to be opposed to such an increase at this time...
Sure, increase those benifits 20 percent as the PuffPo suggests. Raise SS taxes on younger, working people to 30% of their income (instead of the current ~15%) to pay for it. Exempt workers over 45 from the new, higher rates. That way the people that voted for the spenders in DC can experience the results of their decision first hand.
SS is starting to turn into the primary and, in some cases, the only form of retirement income.
It's supplementary though.
You still have boomers retiring that have pensions so demands for increase won't go too far.
But in 10 years or so the next batch of boomers will be retiring and they won't have pensions and most likely can't rely on their 401Ks as primary sources of income.
Ok..now I think this article is bogus.
We just had FICA go back to it's original rate..that's 2% less people are getting in their paychecks.
And we had 2 months of whining and hand wringing about how the economy was going to collapse.
Yet..from the OP link:
The NASI survey shows that the public's willing to step up and pay its fair share in payroll taxes to do it.
I support SS, but we'll have to realistically look at slowing down COL increases and introducing means testing. If you've made a fabulous income most of your life and have millions saved for retirement, you don't need that extra $3000/mo. Might not be "fair", but if the program is going to last, measures like that will have to be looked at.
I support SS, but we'll have to realistically look at slowing down COL increases and introducing means testing. If you've made a fabulous income most of your life and have millions saved for retirement, you don't need that extra $3000/mo. Might not be "fair", but if the program is going to last, measures like that will have to be looked at.
There are many things that could be done. But the fact is, there is a large and growing number of people that have no viable alternative but to rely on SS for their retirement. What will the Country do about that?
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